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Indian Consortium buys stake in Eureka

An Indian based IT Company has bought over stake of the Sri Lanka's IT pioneering company Eureka Technology Partners. This would enable Eureka Technology to infuse more funds and the company hopes to go public in five years.

A consortium of investors led by Vice Chairman UN Intergovernmental Panel on Climate Change, Prof. Mohan Munasinghe and Rajan Anandan from the Indian Angel Network (IAN) and the Head of Dell India bought a minority stake in Eureka Technology Partners.

"Globally recognised investors and board members give us the necessary credibility to launch our IT Infrastructure Management services in overseas markets," said Eureka CEO, Dilendra Wimalasekere.

Eureka intends to provide World Class Managed Services at affordable prices for the international SME market. An ISO 20000 company, Eureka set up in 1996 is one of only a handful of organizations worldwide that have been certified to deliver IT Infrastructure Management services of a global standard. Eureka has future plans of covering the Middle East, US, Europe and the Indian sub-continent.

"This is the first time that we have ventured out of India to invest. Eureka is superbly poised to ride the next wave in offshore services," said Vice President, DELL USA, Rajan Anandan.

"In the '90s we saw software development being offshore. This was followed by BPO services in the early part of this decade.

The third phase of off shoring is Remote Infrastructure Management (RIM)." He said that RIM is a US $ 2 b export industry out of India and this would reach 15 billion in five years. "With this tie up Sri Lanka too can act in to this market," he said.

"I am glad to see a Sri Lankan company so well positioned to take advantage of this large opportunity." Anandan, who is investing in Eureka in his personal capacity is a member of the Indian Angel Network and is currently the Head of Dell India.

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