New Delhi: Connectiva Systems, a provider of revenue and risk management solutions for the telecommunications industry, today announced the completion of a $17 million round of investment led by NEA - IndoUS Ventures; IFC, a member of the World Bank Group; and SAP Ventures, a division of SAP AG. Returning investor Ovation Capital also participated in the round.

"Revenue and risk management is a growing need of communication service providers worldwide," said Avi Basu, CEO of Connectiva Systems. "Telecom companies lose billions of dollars annually due to revenue leakage and other risk factors, and Connectiva plays a central role in helping recover this revenue. Our ability to dramatically boost our customers' financial performance helped us secure financing from some of the smartest investors globally. We are delighted to welcome these new institutional investors, as they each bring unique advantages that will help us extend our global leadership and reach."

Connectiva's positioning resonated with IFC, a leading investor in telecom companies across emerging markets. "Connectiva has had great success supporting international telecom operators with advanced business models for revenue management products. IFC is committed to support Connectiva to fully realize its growth potential," said Mohsen A. Khalil, IFC Director for Global Information and Communication Technologies.

Headquartered in New York, Connectiva has offices globally and employs over 300 people at its Global Innovation Center in Kolkata, India. "Connectiva does far more than mere outsourcing in India, we develop the very core of our intellectual property there," said Basu.

Strategic investor SAP Ventures, the investment arm of enterprise software company SAP AG and the returning investor Ovation Capital, a New York-based investment fund joined the funding round.

Connectiva Systems' projects have been recognized by numerous industry awards, including the prestigious World Billing Award for 'Best Revenue Assurance Project'. Connectiva has implemented the largest revenue assurance projects worldwide. Its system processes over four billion call data records per day more any other company in the industry.

Vinod Dham, Managing Director of NEA-IndoUS Ventures and Pravan Malhotra, Senior Investment Officer with IFC's Global Information and Communications Department, will join Connectiva's board of directors with immediate effect.