Netmagic to invest $12 million for virtual private cloud

Data centre company Net Magic today said it is investing over USD 12 million in its virtual private cloud offering. "We have invested over USD 4 million already and would be investing another USD 8-10 million over the next couple of years," its spokesperson said.

"We continue to invest aggressively. Our investments will be focused on the area of expansion of grids to offer high-resource compute, geographical expansion and in R&D efforts," he added. It has also tied up with Microsoft and Cisco to launch the product called "SimpliVPC" in the country and already signed up clients like cement maker Lafarge. A senior executive said the company is seeing greater traction from the manufacturing and the information technology sectors for the offering and it expects to grow at a compounded annual growth rate of over 75 per cent over the next three years.

The company, a part of Japan's NTT Group, is offering the newly-launched service from its data centres in the financial capital and Bengaluru.