RiteChoice Technologies Pvt Ltd (RCT) has received $2 million of second round venture funding from Carlyle group, a US-based private equity firm. Carlyle will hold a minority stake in the company. RCT provides back office solutions to brokerage houses. Intel had picked up a stake in the company in 1999 with an investment of Rs 1.72 crore.The funds would be used partly for software development centre which would provide services in the financial market for international customers.
The centre will be set up at a cost of Rs 3 crore and will house 100 professionals when fully operational.
The company will also provide back office solutions for Internet stock broking on a application service provider (ASP) mode. RCT has entered into a strategic partnership with Reuters for the ASP business. Wipronet will host the company's applications.
The company flagship product Spectrum 2000, is targeted at the high volume geographical operations of large broking houses and can support multi-location, multi-exchange and multi-depository environment.
RiteChoice's customers include Netfinex.com, Tata TD Waterhouse, Refco-Sify and other large broking houses. The company had revenues of Rs 2.70 crore for the year ending June 2000 and targets Rs 12 crore this fiscal.
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