Cybercash Inc India arm, Tarang Software in merger talks

Kavitha Vivek in Bangalore

THE India operations of US-based Cybercash Inc and Bangalore-based start-up Tarang Software Technologies are heading for a possible merger, the modalities of which are currently being worked out. Sources said Cybercash founder and well-known US-based entrerpreneur and investor Bill Melton is believed to be facilitating the deal. However, the consideration of the deal is not known.

Incidentally, the US operations of Cybercash (an online payment gateway solution/e-commerce solution provider) have recently been acquired by Verisign Inc, one of the leading providers of e-infrastructure services. However, when contacted Tarang top management refused to comment on the issue.

Bill Melton is also the promoter of the $150 million US-Indo-China investment fund—Global Internet Ventures—which has invested $5 million in Tarang during the first round of fund raising. He was also the founder of Verifone, which he later sold to Hewlett Packard.

Tarang Software Technologies, promoted by ex-employees from Wipro and Hughes is focused on building applications for pervasive computing and the Supranet—which is the network of networks—aimed at making information available on any device at any point across any network, B2B financial services, etc.

Cybercash in India, based in Bangalore has a team of close to 85 people. According to sources, the Indian team is likely to be merged with Tarang, which currently has close to 65 employees. The new merged entity is likely to come under the Tarang Software Technologies identity. The final legal modalities for the deal were currently being worked out and an announcement was expected shortly, sources added.

“This deal could also mean that Tarang would get a number of projects from Verisign,” sources said.