I know they have been having a hard time recruiting a CEO, in fact they had a great guy lined up to take the gig and he pulled the plug at the last minute. Further complicating matters is that the investors had committed to investing more $$ upon successfully recruiting a new CEO but pulled back when the CEO-to-be walked away.
As reported in the Venture Intelligence India newsletters, OATSystems had raised a $11.5 million first round financing from Matrix Partners and Greylock in September 2003. Founded in 2001, OATSystems has a R&D center in Hyderabad, India.
Arun Natarajan is the Editor of TSJ Media, which tracks venture capital activity in India and Indian-founded companies worldwide. View sample issues of TSJ Media's Venture Intelligence India newsletters and reports.