Big data analytics company Mu Sigma has announced significant management changes with the founder and chairman, Dhiraj Rajaram, taking the additional role of CEO from his estranged wife Ambiga Subramanian. He has also taken a controlling stake in the company.
Mu Sigma, which is reportedly a member of the unicorn club with a valuation in excess of $1 billion, witnessed management instability following the separation of the founding husband-wife team.
The company also announced that Subramanian’s shareholding in Mu Sigma will be transferred to Rajaram, taking his holding to 51.6%. However, Subramanian will be part of the board in a non-executive capacity.
Admitting that there had been some impact on the company due to their split, Rajaram said, “Ambiga has made tremendous contribution to Mu Sigma. She has agreed to support me in continuing to build my dream and will continue to be on our board.” He said it is good to finally put all distractions behind during a press conference in Bengaluru on Tuesday.
Subramanian said, “We have built a great company over the last 11 years. Due to personal circumstances, it is time for me to move on from the management team of the company and do something different. All the rumours of about me starting a competitive firm are untrue.”
The management change in Mu Sigma also found support from its key investors — General Atlantic and Sequoia Capital. There were also reports that the investors were looking to exit from the company.
“There has been a lot of needless and inaccurate speculation around our involvement in Mu Sigma. Mu Sigma’s growth prospects are outstanding and we plan to do everything we can to help Mu Sigma capitalise on its industry leading position,” said Mark Dzialga on General Atlantic.
Rajaram said the firm continues to add six to eight customers every quarter and Mu Sigma is profitable.