Cisco-backed Altiostar has now raised nearly $200 million in funding

Oct 14, 2016 0

BOSTON– Altiostar Networks Inc., founded by high-tech serial entrepreneur Ashraf M. Dahod, which has already raised $140 million in funding, appears to have raised another $30 million, Boston Business Journal reported.

Ashraf Dahod

Ashraf Dahod

Quoting a new regulatory filing, Boston Business Journal said that the newest equity funding comes from a total of seven investors and brings total company funding to nearly $200 million.

Tewksbury, MA-based company was founded by Dahod in 2011. Altiostar has raised $70 million in funding — including a $50 million round in 2013 from networking giant Cisco Systems (Nasdaq: CSCO), according to Boston Business Journal.

Before founding Altiostar, Dahod had co-founded Starent Networks, which was acquired by Cisco Systems in 2009. Prior to Starent, Dahod had co-founded NetCore Systems, Inc, Sigma Network Systems, Inc and Applitek Corporation.

Dahod holds a Master of Business Administration degree from Harvard University, Master of Science in Electrical Engineering from Stanford University, Master of Engineering Management from Northeastern University, Bachelor of Science degree in Electrical Engineering from the University of Michigan and a Bachelor of Science degree in Physics from the University of Bombay. His other activities include: Patron, Saifee Hospital, Mumbai; Patron, Saifee Burhani Upliftment Trust, Mumbai; Member of Dean’s Advisory Board and India Advisory Board, Harvard Business School.

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5 Indian-Americans among America’s richest 400

Oct 10, 2016 0

New York– Five Indian-Americans figure among America’s 400 richest people, in a list again headed by Microsoft co-founder Bill Gates, according to the survey by Forbes magazine.

Symphony Technology founder Romesh Wadhwani, co-founders of outsourcing firm Syntel Bharat, Syntel’s Neerja Desai, airline veteran Rakesh Gangwal, entrepreneur John Kapoor and Silicon Valley angel investor Kavitark Ram Shriram figure in Forbes’ ‘The Richest People In America 2016’ list.

Romesh Wadhwani

Romesh Wadhwani

Gates tops the list for the 23rd year, now with a net worth of $81 billion.

Wadhwani has been ranked 222nd on the list with a net worth of $3 billion.

Educated at IIT-Mumbai, he is the chairman of Symphony Technology Group, an empire of 17 data, technology, healthcare and analytics companies that together earn more than $2.8 billion in annual revenue, Forbes said.

The Desais rank 274th on the list with a net worth of $2.5 billion. Started in 1980, their firm Syntel generates over $950 million in revenue and has nearly 24,000 employees across the globe, Forbes said.

Gangwal is ranked 321 on the list with a net worth of $2.2 billion. He is an aviation entrepreneur, who co-founded InterGlobe Aviation, which operates budget airline IndiGo, that is India’s largest by market share.

US resident Gangwal owns more than 40 per cent of the company and currently serves as a board member, Forbes said.

Kapoor, who ranks 335 on the list with a net worth of $2.1 billion, is the chairman of two drug companies – Akorn, which specializes in “difficult-to-manufacture” prescription drugs and Insys Therapeutics, which produces an opioid for cancer patients, Forbes added.

Shriram ranks 361 on the list with a net worth of $1.9 billion.

According to Forbes, Shriram, who was one of Google’s early backers, has sold of most of his stock but remains on the board of its parent company, Alphabet. Since 2000, he has been investing in young technology startups through his firm, Sherpalo Ventures.

Sriram’s portfolio includes online card and invitation service Paperless Post, web and mobile app testing service Optimizely, and mobile advertising company Inmobi.

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Apple acquires Hyderabad-based machine learning startup

Sep 23, 2016 0

San Francisco–US tech giant Apple has acquired Tuplejump — a Hyderabad-based machine learning startup that helps companies to store, process and visualise big data with its unique software.

Founded in 2013, Tuplejump’s two co-founders Rohit Rai and Satyaprakash Buddhavarapu have already joined Apple while third cofounder, Deepak Alur, joined Anaplan – a Cloud-based business modelling and planning platform for sales, operations and finance.

According to a Tech Crunch report, Apple is on a machine learning company buying spree and recently bought two well-known startups Perceptio and Turi.

“Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans,” a company spokesperson told Tech Crunch.

Apple was particularly interested in “FiloDB” — an opensource project that Tuplejump was building to efficiently apply machine learning concepts and analytics to complex data.

The Tuplejump team was well acquainted with open source big data tools such as the Apache Spark processing engine, the Apache Cassandra NoSQL database, and the Apache Kafka distributed high-throughput publish-subscribe messaging system, Venturebeat reported.

“Tuplejump also built an open source search indexing system called Stargate that works with data stored in Cassandra and relies on the fundamentals of the Apache Lucene full-text search software,” the report added.

Tuplejump’s website has been shut down following the acquisition, the details of which are yet to be disclosed.

In May, Apple CEO Tim Cook announced the company’s first development centre in Hyderabad to work on Apple Maps during his visit to the country. (IANS)

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Facebook hires Anand Chandrasekaran to help Messenger app grow

Sep 22, 2016 0

San Francisco– Signalling how important India is for its growth, Facebook has hired Anand Chandrasekaran, a former Yahoo executive who was working as chief product officer at e-tailer Snapdeal, to boost future prospects for its Messenger app.

Based out of Facebook’s Silicon Valley headquarters, Chandrasekaran will focus on building strategies and partnerships for Messenger which hit one billion users in July this year.

Anand Chandrasekaran

Anand Chandrasekaran

“They say the best journeys bring you home. We embarked on one two-and-a-half years ago, and it has been nothing short of incredible. I am super excited to share that building on the learning and experiences, I am joining Facebook to work on Facebook Messenger platform,” Chandrasekaran wrote in a Facebook post on Tuesday.

“Core to every major platform I’ve worked on is a belief that technology should help level the playing field for all-something that is at the heart of Facebook and Messenger,” he added.

Chandrasekaran co-founded Aeroprise, a mobile applications software company.

India has become a critical market for Facebook which is now second only to the US in terms of Facebook users.

“Messenger is going to be the next big platform for sharing privately,” Facebook CEO Mark Zuckerberg recently said.

“Connecting India is an important goal we won’t give up on, because more than a billion people in India don’t have access to the internet,” Zuckerberg wrote in a Facebook post. (IANS)

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Rajinder Singh to Lead BankUnited in Florida

Sep 7, 2016 0

MIAMI LAKES, Fl– BankUnited, Inc. announced that Rajinder P. Singh, the company’s Chief Operating Officer, will succeed John A. Kanas, the Company’s Chairman, President and Chief Executive Officer, as President and CEO effective January 1, 2017. Kanas will continue to serve as Chairman of the Board of Directors.

Singh, along with Kanas, was one of the founding organizers of the Company in 2009, and has been instrumental in driving the turnaround and growth of the Company.

“Raj has been a proven partner of mine and I am excited about and proud to see him step into his new role,” said Kanas. “With his operational and managerial skills, strategic vision and dedication, he is the ideal person to be at the helm of this company. Under Raj’s leadership, BankUnited will continue to build upon its reputation as a premier financial institution.”

Rajinder P. Singh

Rajinder P. Singh

Singh commented, “I am honored to assume the role of President and Chief Executive Officer in 2017. I look forward to working closely with the Board, our senior management team and our dedicated and hard-working employees as we continue to execute the strategy that has been instrumental to the Company’s success over the last several years, building a growing, profitable, safe and sound institution.”

Replacing Singh as Chief Operating Officer will be Thomas M. Cornish, who currently serves as the bank’s President, Florida region

Singh has served on our Board since July 2013, and one of the founding organizers of our Company. He has been our Chief Operating Officer since October 2010, and prior to that, he served as our Head of Mortgage Banking and Corporate Development since May 2009.

From April 2008 to May 2009, Singh led the financial services practice of WL Ross & Co., a private equity firm and one of the original investors in the Company. From December 2006 through April 2008, Singh served as Executive Vice President for Capital One’s banking segment which includes retail, small business and commercial banking businesses in New York, New Jersey, Connecticut, Louisiana and Texas and a national direct deposit gathering franchise. Previously, he served as Head of Corporate Strategy and Development for North Fork from February 2005 to December 2006. During his tenure, North Fork was acquired by Capital One for $13.2 billion. Prior to joining North Fork in February 2005, Singh spent nine years at FleetBoston Financial Corporation and last served as Managing Director of Corporate Strategy and Development.

Singh earned his M.B.A. from Carnegie Mellon University in Pittsburgh and his B.S. in chemical engineering from the Indian Institute of Technology in New Delhi.

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Prescient to add Second Manufacturing Facility in North Carolina

Aug 31, 2016 0

ARVADA, Colo.–Prescient, an integrated design, engineering, manufacturing and installation solution for the construction industry, announced it will establish a second manufacturing facility in Alamance County, North Carolina.

Satyen Patel

Satyen Patel

“Developers, architects, engineers and general contractors in the multi-unit housing industry are seeing the benefits of our platform, and this facility will allow us to efficiently service our customers up and down the I-95 corridor from Maine to Miami by being closer to their markets,” said Satyen Patel, chairman and CEO of Prescient. “The demand for our system across the Mid-Atlantic, the South and South Eastern U.S. continues to grow, and we are looking forward to a long and productive partnership with the state of North Carolina.”

Prescient will bring design, manufacturing and other business operations to the North Carolina Commerce Park, a 1,200-acre business property developed collaboratively by Alamance County with the towns of Graham and Mebane. The company plans to employ designers, architects, project managers, installers and other positions in North Carolina.

“Once again, an innovative manufacturing leader has chosen North Carolina to take advantage of our outstanding business climate,” said North Carolina Governor Pat McCrory. “I love companies that build things and look forward to the valuable contribution Prescient will make to our state’s economy and business community.”

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Ajei Gopal Appointed President and Chief Operating Officer of ANSYS, Become CEO on Jan. 1

Aug 30, 2016 0

PITTSBURGH –An IIT Bombay alumnus and software industry executive has been named President and Chief Operating Officer of ANSYS, Inc, a US firm that produces engineering simulation software used for testing product designs across a wide spectrum of industries including rockets and wearable technology.

ANSYS announced a leadership succession plan. James E. Cashman, who has served as ANSYS’ Chief Executive Officer since 2000, will become Chairman of the Board of Directors effective January 1, 2017. Gopal, a technology industry veteran who has served as a member of the ANSYS Board since 2011, has been appointed President and Chief Operating Officer effective immediately and will continue to serve on the Board.

Ajei S. Gopal (Photo courtesy: NDTV)

Ajei S. Gopal (Photo courtesy: NDTV)

Gopal will become Chief Executive Officer on January 1, 2017. Ronald W. Hovsepian, who currently serves as Chairman of the ANSYS Board, will assume the role of Lead Independent Director as part of this transition.

Mr. Hovsepian said, “We are grateful to Jim for his remarkable leadership. He led ANSYS’ transformation from a $50 million revenue company into the global market leader for simulation technology with nearly $1 billion in revenue, creating significant value for stockholders. On behalf of the entire Board, I thank Jim for his countless contributions and unwavering commitment to ANSYS. His decision to implement this leadership succession plan was made with much thought and consideration, and we appreciate him working with the entire Board to help identify his successor and facilitate a smooth transition. We all look forward to benefitting from his continued guidance, vision and expertise as Chairman.”

Mr. Cashman said, “Over the past 20 years, we have grown ANSYS to become the world’s leading engineering software provider thanks to our relentless focus on innovation and commitment to our customers. Today, ANSYS has the most talented employees in the industry, a best-in-class portfolio, more than 45,000 customers worldwide and a sound growth strategy to take us into the future. As we look to scale to $2 billion in revenues and beyond, I strongly believe that now is the right time to begin the transition to the next generation of leadership. Attracting Ajei, a technology industry veteran with an exceptional track record, is a huge win for ANSYS. I have come to know and admire Ajei as a fellow director, and I have no doubt that his outstanding leadership, unique perspective and appreciation for ANSYS’ culture, people and organization make him the right choice to serve as our next leader during this exciting time.”

Dr. Gopal is a 25-year industry veteran with extensive management and business development experience at large software and technology companies. He has held leadership roles at companies including Symantec, Hewlett-Packard, CA Technologies and IBM, and also brings start-up experience, having co-founded ReefEdge Networks. He joined Silver Lake in April 2013 as an operating partner.

Dr. Gopal’s appointment as Mr. Cashman’s successor follows an extensive search conducted by the ANSYS Board with the assistance of Heidrick & Struggles, a leading independent executive search firm. The search included a review of both internal and external candidates.

Mr. Hovsepian continued, “There is no better person than Ajei to lead ANSYS through this pivotal time in the Company’s expansion. He brings a proven track record, expertise managing the scale and complexity of a global multi-billion dollar company and critical skills in software strategy, engineering, product management and development. Ajei has profound knowledge of our business and strategic direction, as well as significant financial discipline. We are excited to enter our next phase of growth under his leadership.”

Dr. Gopal said, “I am honored by the opportunity to lead ANSYS. With an accelerating pace of innovation, ANSYS is on an exciting growth trajectory as it executes on its long-term plans. Jim’s vision and tremendous leadership have set a high bar, and I am committed to building on our standard of excellence and pushing the boundaries of innovation to help customers solve their most complex design challenges. I look forward to working with Jim, the Board, our leadership team, employees and customers around the globe to continue our legacy and capture the vast market opportunity ahead to drive stockholder value.”

Separately and unrelated to the leadership succession plan, ANSYS also announced today that Robert Kocis, Vice President, Worldwide Sales and Support will depart on October 1, 2016, to pursue another opportunity in the Managed Services industry. ANSYS has a deep bench of sales talent and the sales organization will report to Dr.

Gopal in his capacity as President and COO, effective immediately.
Gopal, 54, joined the ANSYS Board in February 2011. He has been an operating partner at Silver Lake since April 2013. In 2016, Dr. Gopal was seconded from Silver Lake to serve as interim president and COO at Symantec, leading the company through the acquisition of Blue Coat and the recruitment of a permanent CEO. Prior to Silver Lake, he was senior vice president and general manager at Hewlett-Packard from 2011. Earlier, Dr. Gopal was executive vice president at CA Technologies, which he joined in 2006. From 2004 to 2006, he served as executive vice president and chief technology officer of Symantec. Until 2004, Dr. Gopal was with ReefEdge Networks, a company he co-founded in 2000. Before that, he worked at IBM from 1991 to 2000, initially at IBM Research, and later in IBM’s Software Group. He began his career as a member of the technical staff at Bell Communications Research. Dr. Gopal has 23 U.S. patents to his name and has a doctorate in computer science from Cornell University and a bachelor’s degree from the Indian Institute of Technology in Bombay.

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Prudential Study Finds Asian Americans’ Financial Experience Most Influenced by Family

Aug 24, 2016 0

NEWARK, N.J.- A study by insurance giant Prudential Finance finds that Asian Americans’ financial experience is most influenced by family, according to a report to be released on Thursday, Aug. 25.

Prudential Financial (NYSE:PRU) on August 25 will release findings from one of the largest-ever surveys of the financial experience and behaviors among Asian Americans and Pacific Islanders.

Among the report’s highlights:

The Asian American financial experience is influenced in almost every aspect by the importance of family.

There are notable differences between various Asian American subgroups surveyed (e.g., Chinese Americans, Filipino Americans, Indian Americans) in areas such as levels of income, types of debt and ownership of financial products.

While Asian Americans surveyed plan to retire more than a year earlier compared to the national average, 69% respondents view themselves as not well prepared to make financial decisions and very few actually consult financial professionals.

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Apple buys health startup founded by Indian-origin duo

Aug 23, 2016 0

New York–Taking its interest in the digital health sector to the next level, tech giant Apple has quietly acquired personal health data startup Gliimpse founded by two Indian-origin entrepreneurs.

According to media reports, the acquisition reportedly happened earlier but was not publicly announced yet.

An Apple spokesperson has now responded, saying: “Apple buys smaller technology companies from time to time, and we generally do not

Anil Sethi  (Photo: Linkedin)

Anil Sethi (Photo: Linkedin)

discuss our purpose or plans.”

Founded in 2013 by Anil Sethi and Karthik Hariharan, Gliimpse provides a secure platform where consumers can manage and share their medical records and info.

According to Sethi’s LinkedIn page, Gliimpse — like many startups — was born of a personal need.

In recent months, Apple has acquired HealthKit, CareKit and ResearchKit startups that allow patients, doctors and researchers to access important health and wellness data via a range of mobile devices.

Apple has also released its HealthKit app which helps users monitor personal health and fitness data on iPhone 6.

Karthik Hariharan

Karthik Hariharan

The Cupertino-based company has recently been making a push into artificial intelligence through Siri personal assistant and related technologies.

It acquired the machine learning platform Turi for $200 million earlier this month.

Apple also bought machine learning and AI startups like VocalIQ and Perceptio and facial recognition startup Emotient, among others. (IANS)

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Federated Wireless Hires Rajeev Shah as Vice President

Aug 22, 2016 0

ARLINGTON, VA–Federated Wireless, Inc., a developer of cloud-based wireless infrastructure solutions, has hired Rajeev Shah as Vice President of Product Management.

Shah brings over 15 years of experience in enterprise Wi-Fi and service provider markets and will work with Federated Wireless’ engineering and sales teams as it works towards launching its cloud-based Spectrum Access System (SAS) and Environmental Sensing Capability (ESC) platform, CINQ XP, to enable Mobile Network Operators, Multiple System Operators and enterprises to provide shared spectrum solutions to their customers.

Rajeev Shah

Rajeev Shah

Shah has held multiple leadership roles in product management and marketing, including leading the product management team for cloud-based software services at Aruba Networks, a provider of enterprise wireless LAN and edge access networking equipment. In this role, he brought to market the industry’s first enterprise-grade, cloud-based Wi-Fi solution and the first cloud-enabled branch office solution.

“We are thrilled to have Rajeev apply his unique domain knowledge of cloud-based solutions to the wireless shared spectrum industry,” said Federated Wireless CEO Iyad Tarazi. “His knowledge and experience aligns well with Federated Wireless’ goals to leverage the cloud to optimize shared spectrum.”

Shah’s specialties include telecommunications, computer networking, wireless communications, security systems and Internet technologies. He also brings extensive experience in customer sales engagement as well as release management, pricing strategy, product positioning and launches.

“The work Federated Wireless is doing is transforming the wireless industry,” said Shah. “I am excited to join them in bringing to market the solutions for spectrum sharing, the foundation of most future wireless network deployments.”

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