20 Nov 2007 07:01
Kubera Cross-Border Fund Limited20 November 2007 20 November 2007 Kubera Cross-Border Fund Limited KUBC invests US$20 million in leading transaction processing services company Kubera Cross-Border Fund Limited ("KUBC") (LSE: KUBC), an investment companytraded on the AIM market of the London Stock Exchange, is pleased to announcethat it has acquired, through intermediate holding companies, a significantinterest in Venture Infotek Limited, Mauritius for an equity investment of US$20million (including the pro rata investment by affiliates of Kubera Partners,LLC, the Investment Manager of KUBC). The consideration for the investment willbe satisfied in cash. Venture Infotek Global Private Limited ("Venture Infotek" or the "Company"), awholly owned subsidiary of Venture Infotek Limited, Mauritius is India's leadingtransaction processing company, providing integrated end to end card paymentsolutions to organizations across several industry verticals including banking,financial services, petroleum, retail, and telecommunications. The Companypioneered the concept of third party shared service delivery for paymenttransaction services in India, and is the only third party processor in SouthAsia to be certified with Visa, MasterCard and American Express. Venture Infotek has built a dominant position in the Indian transactionprocessing landscape. Its services apply to issuing of bank cards, acquiring ofmerchant transactions and loyalty and rewards programs. The Company'scross-border focus is an excellent fit with KUBC's investment mandate as itbuilds out its global business model to serve other emerging as well as westernmarkets by leveraging its India based infrastructure. The Company reportedEBITDA of INR 75.8 Million, for the financial year ended 31 March 2007. Kubera Partners, as the investment manager of KUBC, invests in cross-bordercompanies that are Western headquartered and seek to leverage India and Asiabased resources for availability of talent or access to new markets; andcompanies headquartered in India and Asia that seek to expand in Western marketsthrough acquisition or sales force development. Kubera Partners isdifferentiated by the track record of its principals and their complementaryexperiences. On behalf of KUBC, Kubera Partners aims to invest between US$20 million andUS$40 million per investment but can make significantly larger investments whereappropriate. Further details on the investment manager can be found atwww.kuberapartners.com. For more information contact: Kubera Partners, LLC (Investment Manager of Kubera Cross-Border Fund Limited)Ramanan Raghavendran, Managing PartnerTel no: +1 (212) 295 2400 Grant Thornton Corporate Finance (Nominated Adviser)Philip Secrett, PartnerTel no: +44 (0) 20 7383 5100 LCF Edmond de Rothschild Securities Limited (Broker)Hiroshi FunakiTel no: +44 (0) 20 7845 5968 This information is provided by RNS The company news service from the London Stock Exchange