The Big Data firm was last month sued by an early investor for cheating him of hundreds of millions of dollars by downplaying its own growth prospects in a ruse to buy back his VC firm’s early stake
Just weeks after Mu Sigma was sued by an early investor for cheating him of hundreds of millions of dollars, the Bangalore-based data analytics company is in news again for potentially a larger problem that could jeopardise its future prospects.
Mu Sigma Founder-Chairman Dhiraj Rajaram has divorced his wife Ambiga, who is currently CEO of the firm, according to The Economic Times .
While the development has raised serious concerns among shareholders and customers, the estranged couple said that the fallout will not affect the day-to-day operations of the firm.
“It is true that our marriage is in a difficult spot. As of now, there are no changes to the management of the company. Both Ambiga and I are very motivated to do the best for the company and we continue to be very passionate about Mu Sigma,” Rajaram told the newspaper.
He also said that the company’s employees and investors were already apprised of their troubled marriage months ago.
Ambiga also told ET that she doesn’t expect any change in the management of the company due to the divorce, as it is just a personal matter. Ambiga, who has been with the company for the past eight years, was elevated to the top post only in February this year.
Rajaram, however, said Ambiga may not continue as the CEO in the long term.
Mu Sigma was founded in 2004 by Dhiraj, who was earlier a strategy consultant at Booz Allen Hamilton and PricewaterhouseCoopers. The company helps enterprises institutionalise data-driven decision-making and harness Big Data. Mu Sigma solves high-impact business problems in the areas of marketing, risk and supply chain.
In December 2011, Mu Sigma had raised US$108 million, led by PE firm General Atlantic. This was preceded by a US$25 million funding, led by Sequoia Capital.
Mu Sigma is now a member of the Unicorn club. Recently, Rajaram’s wife Ambiga Dhiraj took over as its new CEO.
Last month, Patrick G Ryan, Founder of Aon Corp. and an early investor in Big Data firm Mu Sigma, had accused Dhiraj of cheating him of hundreds of millions of dollars. In a lawsuit filed with the Chicago state court, Ryan had said that “Mu Sigma downplayed its own growth prospects in a ruse to buy back his investment company’s early stake in Mu Sigma.”
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