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Yodlee.com gets additional $50m in third round
Sukhjit Purewal in Redwood Shores YODLEE.COM, a provider of aggregate account services and headed by an Indian American, has secured $50 million in a third round of funding and solidified its position in aggregation services by acquiring the VerticalOne Corporation. Under an agreement signed between Mr Anil Arora, the Indian American president and CEO of Yodlee, and SI Corporation, which is the parent company of the VerticalOne Corporation, SI Corporation will acquire a 32 per cent ownership interest in Yodlee. The newly merged company will continue to operate under the Yodlee name with Mr Arora as its head. The software firm's headquarters will remain in Redwood Shores. According to Mr Arora, the additional funds have raised the original company's capital to $70 million and these funds will be used for improving Yodlee's core platform. "Yodlee's goal is to drive the next stage of Internet development in which individual use transitions from experimental to essential. We're launching a wave of new innovationsthat are going to shape the way people lead their daily lives - online and off - for generations to come," Mr Arora said.He also said the new company would focus on global expansion of the platform to capitalize on the need for aggregation in international markets and its extension into areas of financial analysis and transactions. With the acquisition of the VerticalOne Corporation, Yodlee's customer base has widened to more than 100 clients and includes software majors like Yahoo, America Online (AOL) and Chase and Fidelity Investments. According to data provided by Yodlee, 26 million households will bank online by 2003 and online shopping will exceed $268 billion by the same year. Before joining Yodlee, Mr Arora was a senior vice president with Gateway. He was named "marketer of the year" by Ad Age in 1999 when he was the vice president of marketing and strategy at Pillsbury, North America. Yodlee was launched in January last year by Indian American Mr Venkat Rangan, its chief technical officer, and several others. The company has five vice presidents - Mr Sukhinder Singh, Mr Schwark Satyavolu, Mr Srihari Kumar,Mr Sam Inalaand Mr Sree Rajan. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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