Released on = June 29, 2007, 1:46 am

Press Release Author = Narayana.D

Industry = Computers

Press Release Summary = Bangalore-based software services company Iteamic, has
secured funding from Canbank Venture Capital Fund Ltd India, for an undisclosed
stake.

According to an official release, this is the company's first infusion of external
funding. The funds are expected to facilitate Iteamic's expansion plans and augment
its infrastructure, R&D, sales and marketing initiatives.

Press Release Body = Iteamic a Bangalore-based software services company focussed on
providing software solutions in the Financial Services, Banking and Insurance
segments, recently secured funding from Canbank Venture Capital Fund Ltd, India, for
an undisclosed stake, to propel its next level of growth. This is the company's
first infusion of external funding.

The funding from Canbank will accelerate Iteamic's expansion plans and augment its
infrastructure, R&D and sales and marketing initiatives.

Iteamic founder and CEO Raghurama Kote said: "After a significant amount of interest
shown by various investors we are delighted to be partnering with Canbank Ventures
and with this new partnership we have the collective experience to sustain and grow
our market share and augment our global penetration. We will aggressively further
innovations by enhancing the current range of our service offerings."

Iteamic provides compelling solutions to meet business challenges through
consultative services spanning - application management solutions, product
collaborative development and dedicated offshore development centers for global
clients. "In the curent scenario, focussing on niche segments is the way for small
and medium enterprises. Our advantage is that we understand their language and can,
hence, provide better solutions," Mr Kote pointed out.

On partnering with Iteamic, Mr.N.Ramani, Managing Director Canbank Ventures said,
"We have been very impressed with Iteamic's team and the rate at which they have
been growing. With their core domain expertise coupled with their service offerings,
Iteamic could become one of the most valuable companies in the very near future.
Canbank Ventures is excited to be a partner in Iteamic\'s continued growth and looks
forward to assist them to become pioneers in this segment globally".

Canbank Venture Capital Fund Ltd is a wholly owned subsidiary of Canara Bank and is
among the earliest Venture Capital Fund management companies in India. Canbank
Ventures currently manages four funds.

Iteamic is an SEI CMMi Level 3, IT service provider headquartered in Bangalore with
its corporate offices in San Francisco & New York. With its recently opened office
in New York, Iteamic has increased market reach into financial services industry
vertical. Iteamic works directly with medium sized Financial Services firms, apart
from working with some well funded start-ups in the Silicon Valley.

Currently Iteamic caters to marquee Clients in the Financial Services, Banking and
Insurance segment as Tier-1 vendor by leveraging its domain and vast technology
experience in both niche proprietary and open-source technologies. Since its
inception in 2003, Iteamic has grown from 4 to 200 plus professionals and has
achieved a consistent 100% year on year growth. Iteamic is among the very few
players in the country in this segment of the market.

Web Site = http://www.iteamic.com

Contact Details = 209, 28th Cross
7th Block Jayanagara
Bangalore - 560 082
India

Tel: + 91 80 6618 3015
Fax: + 91 80 6618 3024