MEDIA RELEASE PR35064
Accel India Makes Strategic Investment in CA Payment Firm enStage
BANGALORE, June 16 /PRNewswire-AsiaNet/ --
Accel India expands its portfolio to include innovative payment
solutions company
Accel Partners (India), a leading venture capital firm, today announced
an investment in enStage, Inc., a Cupertino, California based provider of
innovative payment solutions. enStage specializes in serving the payment
industry in emerging markets such as India and has been a leading provider of
authentication and payment solutions in prepaid, online, and mobile payments.
enStage payment products include the electronic card popularized by HDFC
Bank under the name of NetSafe, as well as the Verified by Visa solution
launched by several financial institutions for their customers. enStage's
product portfolio includes solutions for payment gateways, mobile payments,
IVR payments, and eCommerce authentication.
"enStage is in a unique position to bring innovative payment solutions to
emerging markets where growth potential is substantial," said Subrata Mitra,
Partner of Accel India. "enStage has not only developed unique payment
products, but has also established itself as a market leader in India; it is
rapidly becoming a leading provider of infrastructure services in electronic
payments," he added.
"As consumers get more sophisticated in their use of technology, they
demand better and more convenient payment products and services. enStage
payment solutions offer consumers security and a choice of payment options,"
said Govind Setlur, founder and CEO of enStage.
"As payments on the Internet and mobile devices become more popular,
fraud increases as well, and enStage ensures that security is at the core of
payment solutions," he added.
"Our partnership with Accel will accelerate our gain of market share not
only in India but in a number of emerging markets," Setlur commented on the
investment.
About Accel Partners
Founded in 1983, Accel Partners has had a long history of excellence and
innovation in the venture capital business and is dedicated to partnering
with outstanding entrepreneurs and management teams to build world-class
businesses. Accel today invests globally using dedicated teams and
market-specific strategies for local geographies, with offices in Palo Alto,
California, London, UK, and Bangalore, India as well as in China via the
IDG-Accel Partnership.
With over $6 billion under management, Accel has helped entrepreneurs
build over 300 successful companies, many of which have defined their
categories including Actuate, Acopia, Agile Software, Alfresco, AMCC,
Arrowpoint, BBN, Brightcove, ComScore, Etsy, Facebook, Foundry Networks,
GlamMedia, Imperva, Infinera, Interwoven, JBoss, Kayak, Macromedia, Maven
Networks, metroPCS, Polycom/PictureTel, Portal Software, QlikTech, Rapt, Real
Networks, Redback Networks, Riverbed, UUNet, Veritas, Walmart.com, Webroot,
Wily Technology, XenSource and Zimbra. Accel India's portfolio includes
Chakpak, DoveTail, HolidayIQ, Inbiopro, Kaati Zone, Kirusa, MuSigma, Myntra,
Perfint, Sconce and Virident. For more information, please visit the Accel
About enStage
enStage is a leading provider of innovative payment solutions to meet the
demands of today's payment needs while innovating for the payment needs of
tomorrow. enStage products facilitate global payments over a range of payment
modes including online, POS, smart card, and mobile devices. The company also
provides hosting and processing services, which include payment products and
security solutions. In addition, enStage offers dispute and exception
processing, card processing, and customer care services. The company serves
financial institutions, retail, and corporate customers. For more
SOURCE: enStage
CONTACT: Govind Setlur of enStage,
+1-408-234-2834
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