STI Knowledge, a provider of business process outsourcing and enterprise support services, has closed on a new round of venture capital.
STI raised $12 million in the B round. Satish Sanan, the executive chairman, and the firm’s existing investors all participated. They include Melon Ventures and BV-Cornerstone Ventures.
Also joining the round was WestBridge Capital Partners, a venture fund focused on the United States and India.
The fund raising is part of STI’s growth strategy. The company acquired HPS Paradigm earlier this year, expanding into healthcare administrative services and named a new CEO in May
STI closed on a $14 million A round in March of 2003.
“Securing this additional round of investment proves STI’s dedication to providing the broader-scope, global business process outsourcing solutions our US-based customers need and have asked for,” Sanan said in a statement. “With our aggressive growth strategy and this funding in place, we have solidified our ability to develop our India delivery capabilities, complete further acquisitions in the healthcare sector, and continue our business development efforts at a very fast pace.”
Peter Alexander, president and CEO of STI, said the funding will help the company “expand into new market segments and increase our business process capabilities within our industries of focus.”
Before joining STI, Alexander was a partner in Cloyses Partners, LLC, a management consulting firm.
Sanan founded IMRGlobal in 1988, took the company public in 1996, and sold it in 2001 to CGI.
STI was founded in 1995.