Sify Technologies, an India-based, Nasdaq-quoted internet and IT services firm, is looking to invest up to $23.1m in corporate venturing deals as it sets out to “explore avenues to invest in or partner with technology startups focusing on cloud, security and managed services.”
These investments or partnerships will be directed at companies with synergies to Sify’s current business lines, according to a Sify statement: “The aim is to strengthen and differentiate Sify’s current service and product offerings both for domestic and international markets, and through strategic relationships with target companies outside of India, expand its presence in key markets outside India. Sify will also seek to leverage the company’s intellectual property in India, create new revenue streams and increase brand awareness.”
Sify has already called INR 30 crore ($4.6m) from its promoter group as initial funding for such investments, and a balance of INR 120 crore (£18.5m) remains available for the Sify board to call “at such time as it determines the funds are needed.”
Sify Technologies was established as a broadband internet provider in 1998. In August 2012, the company established a change strategy, Sify 3.0, to develop a broad offering of services and solutions.