Bullant bullish after cash injection

Local e-business software developer Bullant has attracted $46 million ($US23 million) in new capital from an investor consortium led by JP Morgan Horizon, the Asian technology investment arm of JP Morgan Partners.

Bullant will use the funds to expand its sales force and drive its original equipment manufacturing (OEM) strategy into the US, Japan and Asia.

The funds will also be used to develop the vendor's local engineering facility, company officials said.

The investors include First Data Corporation, GGEP Coinvestment Partners and Intel Capital (Intel's strategic investment program).

The company's Internet accelerator software range enables e-businesses to access a variety of devices like desktops PCs, PDAs and mobile phones through a shared application running on central servers.

Bharat Kewalramani, JP Morgan Horizon managing partner, said: "Our investment is a clear indication of the potential we believe Bullant's technology has to shape the future of the connected world."

JP Morgan Horizon's investment builds on a $40 million private capital-raising deal Bullant secured with JP Morgan Equity Partners in January, a move aimed at financing the company's international expansion program, and aggressive OEM licensing plans in Japan, Europe and the US.

In the wake of that investment, the company said it would undertake a reorganisation that would lead to the retrenchment of around 29 staff to cut Bullant's total headcount to 143.

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