PRN: CORRECTION - Manthan Systems, Inc: Norwest Venture Partners Invests $15M in Manthan Systems
CORRECTION - Manthan Systems, Inc: Norwest Venture Partners Invests $15M in Manthan Systems [15-February-2012] LONDON, February 15, 2012 /PRNewswire/ -- In the news release, "Norwest Venture Partners Invests $15M in Manthan Systems" issued on 15 Feb 2012 05:30 GMT, by Manthan Systems, Inc over PR Newswire, we are advised by a representative of the company that the email address for both Ajith Nayar and Andrew Blatherwick should have read firstname.lastname@example.org, rather than email@example.com, as originally issued inadvertently.
CORRECTION - Manthan Systems, Inc: Norwest Venture Partners Invests $15M in Manthan Systems
LONDON, February 15, 2012 /PRNewswire/ --
In the news release, "Norwest Venture Partners Invests $15M in Manthan Systems" issued on 15 Feb 2012 05:30 GMT, by Manthan Systems, Inc over PR Newswire, we are advised by a representative of the company that the email address for both Ajith Nayar and Andrew Blatherwick should have read firstname.lastname@example.org, rather than email@example.com , as originally issued inadvertently. Complete, corrected release follows:
Manthan Systems, a leading provider of Business Intelligence (BI) and Analytics solutions for the retail and consumer packaged goods (CPG) industries, today announced that it has secured $15 million in Series C funding from Norwest Venture Partners (NVP). Manthan's suite of analytics products has radically transformed the way retailers adopt, deploy and employ analytics. Manthan's retail analytics solution, ARC, has a direct impact on profitability and growth, which has led to its adoption by leading retailers in 20 countries worldwide.
"Our deep focus on retail analytics, business intelligence and the customer is what has helped us create some of the most innovative products in the BI and analytics space. In addition, we have always been heedful of the fact that the sophisticated analytics we create need to be easy to adopt, deploy and use," said Atul Jalan, Founder & CEO, Manthan Systems.
Every business discussion today segues, one way or the other, into analytics. With markets facing tough times worldwide, retailers are suddenly and prudently opting for the security of data. More and more retailers are harnessing and profiting from the power of analytics to make better and faster decisions. While reliance on analytics is still an evolved market phenomenon, retailers across the world are taking steps towards securing their aisles.
"Manthan Systems has done an incredible job of building products that produce significant results for its clients. The company has focused on retail and CPG customers, resulting in impressive growth and increased market share," said Mohan Kumar, Executive Director, NVP India. "In a market that demands decision making on the run, Manthan's suite of best-in-class products is poised to make a significant impact on global retail. Backing Manthan reinforces our belief in the next generation business analytics sector as shown through NVP's investments in such companies as 1010data and The Retail Equation (TRE)."
Manthan plans to use this round of funding to help retailers gain a distinct advantage over the competition. In the next year, Manthan is looking to launch several new products as well as Â acquire organisations that share Manthan's philosophy of innovation. Additionally, efforts are underway to ensure that the next few products in production are as innovative and powerful as the company's current suite of offerings. The intent is to launch ground-breaking products in adjacent markets and leverage the power of cloud computing and SaaS. Manthan is also enabling mobility for all its products, including ARC, which is already iPad enabled.
Today, Manthan's retail performance management solutions have been deployed with 70 of the biggest names in retail such as McDonald's, Crocs, Ecco, Love's, Ashley Stewart, Teavana, Robinsons, Ripley, Woolworth, SM Retail, Mydin, Abenson, Haggen and GAME Group Plc. As a result of this funding, Mr. Mohan Kumar, Executive Director at NVP, has joined Manthan's board of directors. Manthan's existing investors include Fidelity and IDG Ventures.
About Manthan Systems
Manthan Systems creates cutting edge analytics solutions for global retail and CPG organizations. Manthan's award winning solutions, under the ARC banner, encourage enterprise-wide adoption of BI and provide a significant edge to a retailer's analytical capability and maturity. Over 70 retailers across 20 countries benefit from Manthan's solutions today.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than USD 3.7 Bn in capital. Â Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception.
Select NVP investments globally include such companies as 1010data, AdChina, Admeld, Badgeville, BranchOut, Clarus Marketing Group, Freeshipping.com, Gilt Groupe, iProf, Komli Media, Lashou, ngmoco (acquired by DeNA), NSE (National Stock Exchange of India), Persistent Systems (NSE: PERSISTEN.NS), Playdom (acquired by The Walt Disney Company), Quikr, Quirky, Rackspace (NYSE:RAX), Ratnakar Bank, Sadbhav Infrastructure Project Ltd (SIPL), Shriram Union City Finance, SideStep (acquired by Kayak), Sulekha, Suvidhaa, The Retail Equation (TRE), TURN, WhaleShark Media (parent company of RetailMeNot) and Yatra.com. For more information, please visit http://www.nvp.com.
For more Information, contact
Manthan Corporate | Ajith Nayar | +91-80-2299-0585 | firstname.lastname@example.org
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Company Codes: NYSE:RAX