May 13, 2009
Investment Firms Canaan Partners, Silicon Valley Bank, and SAP Ventures Invest $12.6 Million in India-Based iYogi’s Acquisition of Clean Machine
Based in Gurgaon, India, iYogi has received a generous investment of $12.6 million from Canaan Partners, Silicon Valley Bank, and SAP Ventures. This funding was given out at the news of iYogi acquiring the Utah-based computer security service provider, Clean Machine. iYogi is one of the first direct consumer computer service support company that offers customized tech support for societies worldwide who are becoming increasingly dependent on complex technology. Customers benefit from iYogi because iYogi has people with expertise and experience with computers and other technologies, which the new workforce in India has learned over the passed 20 years. In fact, it is true that the most tech savvy people who have the knowledge that is needed for a tech support company are either Indian or Chinese, and the tech industry is growing throughout East Asia and the Asian Subcontinent because of this phenomenon. iYogi takes pride in the quality of its service with a 95% customer approval rating from reputable surveyors of the computer services industry.
Clean Machine is a company that provides an affordable computer security service to small businesses and consumers. Clean Machine basically works by providing a concierge service for PC users and every client that uses Clean Machineís concierge service is assigned a qualified technician who has exceptional knowledge and expertise on the technical parameters of the PC. Clean Machineís concierges clean the customerís computer online in a secure connection and can diagnose the software problems on a customerís computer and fix problems ranging from offensive pop-up windows to slow performance. The fact that Clean Machine provides a service where trained concierges work on a userís computer remotely and the user is not talking to a technician on the phone and doing the work themselves, which more often than not ever provides results.
Acquiring Clean Machine will provide great benefit to iYogi, because through Clean Machine iYogi will be able to expand its markets and generate more revenue. Under the new agreement, Clean Machine will continue to operate under its own brand name and provide the same services that it provides now, but will operate under iYogiís umbrella. Furthermore, Clean Machineís founder, Larry Gordon will become the president of iYogiís global channel sales department.
According to Uday Challu, CEO and cofounder of iYogi, acquiring Clean Machine will help iYogi extend its services to more areas in the United States and help iYogi enhance its customer experience in working with increasingly more sophisticated technology and electronic gadgets. Because Clean Machine has an innovative way to provide proactive tech support that can resolve a userís PC problems online in real time , allowing the user to still be able to have his computer in his home or small business will provide iYogi the platform to launch its new suite of services that would help consumers manage and resolve their technology problems.
Founded in 1987, Canaan Partners is one of Indiaís largest vc firms with over $3 billion under its management. Canaan Partners likes to invest in entrepreneurs who have a vision and the vc firm provides these entrepreneurs with the resources needed to get their business off the ground. Canaan Partners is an international vc firm with offices in Gurgaon, India; Menlo Park Califonia; Westport, Connecticut; and Hertzliya Pituach, Israel. Some companies in Canaan Partnersí portfolio include Active Network, AllBusiness, Blurb, Cardlytics, DoubleClick, e-Stamp, Ebates, JobsDirect, and others.
SAP Ventures is a multinational vc firm which has offices in Palo Alto, California and is headquartered in Walldorf, Germany. SAP Ventures was founded in 1972 by five former IBM employees and has experienced rapid growth in the 1980s, plus the vc firm has developed a new approach to software and technology in the 1990s. SAP Ventures looks for entrepreneurs who can provide the right opportunity to yield high revenues in the technology marketplace. Some companies in SAP Venturesí portfolio include AmberPoint, Black Duck, Coghead, Endeca, Green Plum, Ignite, Linkedin, Reva, and others.
For more information about iYogi, click here.