New York, 24 July, 2008:  Personal Offshoring, which is driving the next wave of India’s outsourcing  success story, got a huge boost today when iYogi - a remote technical support  provider from India - raised $ 9.5 million in Series B financing from SAP  Ventures, a division of SAP AG, Canaan Partners and SVB India Capital Partners,  a venture fund affiliate of Silicon Valley Bank.
iYogi (www.iyogi.net)  delivers technical support services directly to consumers and small businesses  and is the first, global, technical support brand based out of India. The  company offers its customers an unlimited, annual service subscription for  $119.99 per desktop that includes support for a wide range of technologies,  including PC hardware Microsoft Windows operating  system, software applications, peripherals and multifunctional devices. 
“Personal Offshoring has created new investment opportunities in India  with incredible growth potential,” said Doug Higgins, partner at SAP Ventures.  “It is very exciting to see companies like iYogi challenging the traditional  enterprise-focused offshore-service delivery model by creating a  consumer-focused, direct-to-customer personal offshore model. iYogi is one of  the fastest-growing companies in this market segment, and we look forward to  working with them to create India’s next success story.”
“Our focus on  the customer experience has helped us achieve a 93 percent satisfaction rate  across more than 50,000 customers,” said Uday Challu, CEO of iYogi. “We are  delighted to have the support of three terrific investors as we increase our  market share and continue to provide the best technical support experience  possible for our customers.”
iYogi will use the funds to fuel its expansion  into 12 new regions, including the United States, the United Kingdom and Canada,  and to increase its delivery of new services including PC recovery,  anti-virus/spyware, data back-up and PC optimization.
“As consumer  technologies grow in sophistication, consumers will be seeking the kind of home  IT support services – including  remote services offered by companies such as iYogi – to help them solve their  most complex problems,” said Kurt Scherf, vice president and principal analyst,  Parks Associates. “In primary research, we found more than one-third of  consumers are willing to pay for competent and professional remote support  services, and 60% express a strong interest in software solutions – what we  refer to as ‘PC Dashboards’ – that automate many basic PC performance  enhancement and troubleshooting features, solving many PC-related problems  before they even are noticed by end-users.”
iYogi had previously  raised $3.1 million in Series A financing from Canaan Partners and SVB in April  of last year. “iYogi is one of the most promising investments for Canaan  Partners,” said Alok Mittal, managing director of India at Canaan Partners.  “Third-party, vendor-independent technical support is an exciting new service  category, witnessing explosive growth. Customers are looking beyond the  traditional vendor-provided support to remote channels for better problem  resolution, faster service, and greater overall satisfaction. iYogi has created  an incredible value proposition and price offering for its customers that is  hard to beat.”
”Several next generation outsourcing companies from India are  delivering a range of personal offshoring services for individuals and small  businesses in the U.S. including online tutoring, tax preparation, remote  executive assistance and research services,” said Suresh Shanmugham, managing  director of SVB India Capital Partners, a venture fund affiliate of Silicon  Valley Bank. “iYogi has leveraged the technical skills available in India along  with process expertise to scale as a global technical support provider for  millions faced with increasingly complex technology”.
About SAP  Ventures
SAP Ventures invests in innovative and disruptive software and  services companies globally. We pursue opportunities across all stages for  outstanding financial return. Our goal is to bring substantial benefit to all  parties by facilitating interaction between portfolio companies and SAP and its  ecosystem of customers and partners. SAP Ventures has a successful track record  of building industry-leading companies by partnering with outstanding  entrepreneurs and top-tier venture capital firms since 1996. For more  information, visit www.sapventures.com.
About Canaan Partners
Canaan  Partners is a global venture capital firm specializing in early-stage  information technology and life sciences companies. Founded in 1987, Canaan  Partners has $2.4 billion capital under management and has invested in more than  240 companies, completed 63 mergers and acquisitions, and brought over 50  companies public. The firm catalyzes the development of innovative mobile,  Internet, CleanTech, networking, semiconductor, enterprise software and  services, biotechnology and medical technologies to build next-generation market  leaders. Canaan was an early investor in Acme Packet (APKT), Aperto Networks,  BharatMatrimony.com, Blurb, DoubleClick (DCLK), ID Analytics, Match.com and  SuccessFactors, along with dozens of other market-leading companies. Canaan is  headquartered in Menlo Park, California and also has offices in Connecticut,  India and Israel. For more information visit: www.canaan.com.
SVB India  Capital Partners Fund and Silicon Valley Bank
SVB India Capital Partners  Fund is a $54 million equity fund that is focused on Indian companies and  co-invests across industries and stages with top-tier venture capital firms.  Silicon Valley Bank is the premier commercial bank for emerging, growth and  mature companies in the technology, life science, private equity and premium  wine industries. Founded in 1983 and headquartered in Santa Clara, Calif., the  company serves clients around the world through 27 U.S. offices and five  international operations. Silicon Valley Bank is a member of global financial  services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global  and SVB Private Client Services. More information on the company can be found at  www.svb.com.
About iYogi
iYogi is the first direct-to-consumer and  small business technical support  service from India. Providing an annual unlimited subscription to technical  support for $119.99 per year, iYogi now boasts more than 50,000 customers. The  company employs 450 professionals servicing customers in the U.S., U.K., Canada  fast expanding to 12 new geographies across the globe. iYogi’s resolution rate  of 87 percent and customer satisfaction rate of 93 percent are amongst the  highest published benchmarks in the industry. For further information, please  visit www.iyogi.net.
# # #
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Any statements contained in this document that are not  historical facts are forward-looking statements as defined in the U.S. Private  Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,”  “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,”  “should” and “will” and similar expressions as they relate to SAP are intended  to identify such forward-looking statements. SAP undertakes no obligation to  publicly update or revise any forward-looking statements. All forward-looking  statements are subject to various risks and uncertainties that could cause  actual results to differ materially from expectations The factors that could  affect SAP's future financial results are discussed more fully in SAP's filings  with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most  recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not  to place undue reliance on these forward-looking statements, which speak only as  of their dates.
The information contained herein is subject to  change without notice. iYogi shall not be liable for technical or editorial  errors or omissions contained herein.
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All other product and service names mentioned are the trademarks  of their respective companies.
Any statements contained in this document  that are not historical facts are forward-looking statements as defined in the  U.S. Private Securities Litigation Reform Act of 1995. Words such as  “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,”  “plan,” “project,” “predict,” “should” and “will” and similar expressions as  they relate to SAP are intended to identify such forward-looking statements. SAP  undertakes no obligation to publicly update or revise any forward-looking  statements. All forward-looking statements are subject to various risks and  uncertainties that could cause actual results to differ materially from  expectations The factors that could affect SAP's future financial results are  discussed more fully in SAP's filings with the U.S. Securities and Exchange  Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed  with the SEC. Readers are cautioned not to place undue reliance on these  forward-looking statements, which speak only as of their dates. 
 
Press Contact Information
Vishal Dharawadhesh.singh@iyogi.net 1-212-229-0901
Company Name: iYogi Technical Services Pvt Ltd Address:  iYogi Inc. 12 Desbrosses Street 3rd Floor New York, NY 10013 Toll Free no:  1-800-237-3901 Work Number: 1-212-229-0901 F ax Number: 1-888-867-2715 Mail Id:  awadhesh.singh@iyogi.net
Source URL: http://www.iyogi.net
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