Pune, March 30, 2009: Vsoft Solutions and Consultancy Pvt. Ltd. became the second partner company of nFactorial Software to receive angel investment from the India Innovation Investors (I3).

Vsoft Solutions ( www.vsoftsolutions.net) started out as a software solutions provider for the Finance vertical. In early 2008, they launched Vault ( www.myvault.in), as a complete Personal Finance Management Software.

Vault is an easy-to-use money management tool that is designed to benefit any salaried or self-employed individual. Resident on a USB memory stick, it does not require any installation on PC or laptop. Data is stored in secure and encrypted format on the memory stick, thereby creating a personal “vault” that records, updates and secures your wealth data.

Vijay Athavale,Founder Director of Vsoft, noted that, “Since its formal launch in January 2008, Vault has been sold to a large number of customers and received excellent reviews. It is the only product of its kind in the market today. We have a lot of ideas and well-planned roadmap to develop this product into India’s preferred money management software. Funding is critical for us and the I3 investment will accelerate our product rollout and ramp up our sales effort.”

I3 is an angel investor group consisting of successful IT professionals based in USA and India. They are all industry veterans, either successful entrepreneurs or holding senior positions at global software companies. The Vsoft investment follows a previous one in ProductDossier in January 2009.

Nandu Kulkarni, one of the I3 investors, said, “When I was first introduced to Vault, I liked it and purchased it for my use. Later, we selected Vsoft for investment because of its long term vision and Vijay's extensive knowledge of Personal Finance Management from his CA practice. We are confident that with proper execution, Vsoft can become very successful.” Nandu has recently launched www.ShadjaMadhyam.com, a community portal for Indian Classical Music. He was at i–flex Solutions (now part of Oracle), where he played key roles, including setting up Payment Systems Division, heading i-flex Pune, and later FlexCube Retail Banking product division.

Hemant Joshi, co-founder of nFactorial Software, pointed out that, “We like Vijay’s domain expertise in finance, high energy and focus. We work closely with him on all aspects related to the business – from technology to execution, as well as sales/marketing strategy. We introduced Vsoft to I3 as part of our endeavor to enhance funding opportunities for partner companies.”

About nFactorial Software - www.nFactorial-Software.com
Founded in early 2008, nFactorial Software’s mission is to help build a series of successful software product companies. The company consists of three successful entrepreneurs who have built and led several companies in the past two decades including Frontier Software, VERITAS Software India, In-Reality Software and Symphony Services Pune. Acting as mentors, the nFactorial team works closely with the management team of early stage product companies, on all strategic aspects including product positioning, sales and marketing strategy, operations and funding. nFactorial is also building a network of angel investors and VCs to potentially fund these companies.

About Vsoft Solutions and Consultancy - www.vsoftsolutions.net
Vsoft Solutions and Consultancy Pvt. Ltd. is based in Pune, India. Vsoft is promoted by a group of professionals having over 15 years of experience in Finance and software development. The team has successfully implemented scores of large and small solutions for businesses across various industry verticals. It has released a unique money management product, called Vault, in 2008.