Sanovi Technologies will get $5 Million of investment for R&D and sales growth
Sanovi Technologies India (Private Limited), the leading IT disaster recovery management specialist, has received investments from Betul Oil Group., to expand the sales presence of the Sanovi DRM product in the market and increase its R&D activities.
Betul Oil Group will invest up to US $ 5 Million on expanding market reach for Sanovi and furthering R&D in Sanovi products. Sanovi is looking to extend its market leadership in India and expand its presence in the Middle East and APAC region. Betul sees this as a strategic investment and their entry into the software sector.
Betul Oil Ltd. a leading company of the Betul Oil group, is engaged in solvent extraction, refining of edible oils, manufacture and trading of de-oiled cakes, animal feeds, specialty ingredients and development of hybrid seeds that extract oils. Betul Oil also procures crude oil from third parties and retails refined edible oils.
Shreans Daga, Managing Director of Betul Oil Ltd, says “We are very excited about the development. We have been looking for a suitable opportunity to invest in IT. Disaster Recovery is a hot area and the addressable market size is large. We have known Chandra and other key team members for quite a few years now and are impressed with their knowledge of the market and in how far they have grown the business. Sanovi’s product is running at several marquee customers across India and Middle East. We believe this is a huge opportunity for us. This investment helps us enter into the attractive software product business.”
The financial year 2010 has proved to be the most consistent year for Sanovi Technologies and it has ended in the black. The company is forecasting Rs.100 crore revenue target in the next three years. Chandra Sekhar Pulamarasetti, one of the founders of Sanovi Technologies, has taken over as CEO of Sanovi Technologies.
Chandra says “Disaster Recovery Operations are very complex and completely manual today with no visibility into SLA compliance. With increasing threats globally, organizations are actively looking to deploy resilient DR programs. Sanovi solutions have significantly simplified DR operations for customers. Sanovi solutions provide CIO the assurance that their DR infrastructure will work when required. Currently, we are experiencing a strong demand for our products and are looking to expand into other markets outside India. ”
Chandra continues “As the industry came out of recession, we planned for a speedy growth and were looking for a strong partner who will support us in our expansion plans and also work with the company in our efforts to create awareness about Disaster Recovery at the policy level. Disaster Recovery Management is an emerging space and a strong product portfolio is very critical for the company to grow succeed. The Betul Oil Group group brings us the required financial and business experience to support us. The company will use the investment to further its R&D, maintain its leadership in the DRM space and grow its market reach.”
Sanovi Technologies proactively manages disaster recovery (DR) environments and ensures that business applications can be recovered in compliance with service level agreements. As the leading independent provider of DR management software solutions, Sanovi is focused on ensuring recovery readiness.
Sanovi was founded on the observance that maintaining a DR solution to keep pace with the dynamic and ever-changing nature of IT was, at best, problematic. More often than not, failing over to the DR site in the event of an outage was wrought with unforeseen failures rendering DR solutions virtually worthless. In many cases, despite the investments made in creating and maintaining a DR site, failing over is dismissed as a recovery option because there is little confidence that it will work as planned. The market need for a solution to proactively manage the DR environment and ensure that it will support the business as designed became abundantly clear.
Sanovi began offering a DR management solution based on a professional services model. Following several successful professional services engagements, the founders quickly realized the potential for an enterprise class software solution that could ensure recovery readiness across all layers of the IT infrastructure.