/24-7PressRelease/ - BANGALORE, INDIA, July 07, 2007 - Microqual Techno, a R.F systems & solutions company, today announced the closure of a US$10 million private equity funding round from NEA-IndoUS Ventures, JAFCO Asia and BTS India Fund. Microqual, designs, manufactures and sells components and solutions for wireless applications (GSM, CDMA, WiMAx, etc). The company is based out of Mumbai with manufacturing facilities at Bangalore and Uttarakhand. Microqual has established itself as a reliable vendor to most of the mobile operators in the country like Hutch, Tata, Airtel, & Equipment manufacturers like Ericsson, Motorola, Nortel & others. Ernst & Young were the sole financial advisors in this transaction.
Mr. Mahesh Choudhary, CEO of Microqual Techno Pvt. Ltd, said, "This funding will strengthen our capability to offer complete solutions to the rapidly growing telecommunication industry, and accelerate existing and new solutions initiatives. Microqual's rapid growth is a result of the confidence demonstrated by our customers in our ability to consistently supply the right solutions at the right time towards rapid clip network deployment. The funding will help us strengthen this focus on evolving customer needs, and enhance our infrastructure and team to deliver against the same."
"As the mobile telecom infrastructure deployment in India over the next few years is anticipated to be the biggest ever globally. We see a big opportunity in supplying & meeting the demands of major mobile telcos. We believe, that we are well positioned to garner a significant portion of this business." He added.
Microqual's growth has been interwoven with the explosive growth of the telecom sector in India. Especially with mobile services leading the growth with-in the telecom industry, the company is uniquely positioned to optimally gain on this immense market opportunity.
"The Indian telecom industry continues to experience rapid growth. Microqual with its track record and highly motivated management team is well positioned to take advantage of this market opportunity. We are pleased to invest in Microqual to enable them to firmly establish their leadership" said Dr. Kumar Shiralagi, Managing Director, NEA-IndoUS Ventures).
Mr. Byron Askin, Senior Director, JAFCO Investment (Asia Pacific) Ltd. said, "Microqual's strategy to provide its customers with a complete solution gives the company a competitive edge. This advantage combined with telecom's secular growth in the South Asia region made for a compelling investment opportunity. I look forward to supporting Microqual's exceptional management team at the board and through our extensive network in East Asia."
Commenting on the investment, Mr. K Srinivas, Managing Partner, BTS Investment Advisors said, "the investment strategy of BTS India Fund is to provide expansion capital to growth oriented small and mid size companies such as Microqual, which has grown at a significant rate during the last three years and with the present round of expansion capital it would be able to maintain its growth momentum and become a significant player in the Indian telecom sector."
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