Cigniti Technologies Limited is planning to raise R54 Cr either through preferential allotment to existing shareholders or through a private equity placement to fuel its inorganic growth plans.

The company is looking for acquisitions to augment testing capabilities and bring in new clients and geographical areas.

The company is currently in advanced stages of negotiations with an American company and expects to complete the fund-raising and acquisition process in the next three to six months.

In 2011, Chakkilam Infotech acquired American firm - Cigniti Inc and rebranded itself as Cigniti Technologies Limited. Cigniti is an Independent Software Testing Services Company. Cigniti has expertise and proprietary frameworks to accelerate testing for improved time to market for its clients. Its state of the art tool and technology agnostic test labs offer ‘on demand’ access for key services such as core testing, test automation, performance testing, mobile testing, robotics testing and security testing. Cigniti has global delivery centers in US, India, London, and Colombia.

Last year, Cigniti raised Rs 12Cr through a preferential allotment.

Cigniti currently employs over 500 professional globally, including 250 in its Hyderabad facility. The company hopes to add 250-300 employees organically during the next financial year.

According to various sources, the independent software testing market globally was about $10 Bn in 2010, which is expected to grow to over $50 Bn by 2020. While $3.2 Bn work of this had been outsourced to India, this is projected to touch $26 Bn by 2020.

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