New Delhi, June 7: Citibank on Wednesday picked up 33 per cent stake inCrossword Software Pvt Ltd, according to a press release. Crossword is atelecom software company specializing in telecom OSS solutions, mediationsystems, CTI and IVR (call center) solutions. Crossword Software achieved aturnover of Rs 21 million and a profit generation of 66 per cent in the veryfirst year of existence. This investment by Citibank will help to expandCrossword's business, which focuses on the telecom and Internet industry,according to top company executives.Ajay Relan, India Head, Citibank Private Equity, says Crossword is a companywith strong technological base and hopes that it would be a valuableinvestment for them in the near future. He said "we will be able tocontribute not only capital but also our broad network of contacts acrossdifferent parts of the world to help Crossword become a global player".
Biswajit Dhar, president, Crossword International, said with Wirelesstelephony and the Internet are sweeping the globe, India will be a keydevelopment center. He said "with Citibank as a partner, Crossword is wellpoised to become a global telecom software giant. We will be able to offersystems with world class technology at extremely competitive prices".
Company CEO, Kumar Dasgupta says partnering with Citibank is a reflection ofCrossword's inherent strengths and technological advantage.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.