Ramco raises around USD 52 mn to expand into global markets
Chennai, India, May 07, 2015: To fight the mighty Goliaths of ERP, India-headquartered Enterprise Cloud Software Company, Ramco Systems has raised capital around USD 52mn (Rs 325 crs) through Qualified Institutional Placements (QIP). The company which recently published its unaudited financial results for FY 2015, had announced net profit after tax of USD 2.09m (Rs 12.7cr) for the year on a consolidated basis. The fresh infusion of funds is aimed at retiring a substantial portion of debts, supporting operational expenses to attract the right talent and enhancing marketing efforts in global markets.
With Enterprise Cloud market touted to be among the fastest growing segments, Ramco has been investing in expanding and building capabilities to address global needs. Leading global and domestic institutional players have picked up stake in the company through this QIP. Ramco believes that raising funds at current valuation levels would be in the long term interests of the Company and would allow the Company to deleverage. Consequent to QIP, Public shareholding of Ramco shares has increased from 30.9% to 42.9%.
Commenting on the fund raising, P R Venketrama Raja, Vice Chairman and Managing Director, Ramco Systems, said, “Globally, Cloud companies are getting good valuation. This is the value that investors attach to IP-led businesses. India is slowly moving towards differentiating Product from Services led software businesses. We are happy to be leading this curve. The successful fund raising from institutional investors is a testament of the belief and trust they place on the company and the strong fundamentals on which our business is built.”
Getting ready for the Next Orbit:
Ramco has been gaining prominence as a fast growing specialist cloud vendor. With focus on Mobility, User Experience and Performance improvement through Agent-based technology (In-memory Computing), the company has been focusing on attracting and retaining the brightest minds in the industry. In an IT-Services driven country, very few companies provide opportunities for working on products and building IP (Intellectual Property) which are world-class. It is here that Ramco has been ‘Disrupting the Status Quo’ with its cloud based products.
Sharing his views, Virender Aggarwal, CEO, Ramco Systems, said, “At new Ramco, the focus is on Experimentation, Innovation and Customer delight. All employees are encouraged to be outward focused and customer driven. Employees are given the freedom to share their ideas and suggestions and enjoy every aspect of their work. There is an inherent effort to build a flat and open organization where employees are encouraged to share knowledge and grow.”
What’s new at RAMCO?
- The Cultural Shift: Gone are the days when organizations measured employee happiness through job satisfaction. New age companies go the extra mile to attract and retain the BEST minds… culture defines and differentiates a winning organization from the rest. No Hierarchies, Cabin-less Offices, Coffee with the CEO, ‘Out of the Box’ ideas, Respect work and not titles, are just a few slogans at new Ramco!
- Workplace Transformation – Launch of FIKA and T.G.I.M Bistro Cafeteria: Quick chat with the CEO over a cup of coffee, or a session of Zumba and Yoga are just a few examples of transformation at workplace. From calorie-measured food to high-intensity Interval training, employees are encouraged to lead a healthy lifestyle. Innovation & fun at work are the two aspects that we preach and practice across the organization.