Technopark IT firm parts ways with German partner

Tuesday, 13 July 2004, 19:30 IST
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THIRUVANANTHAPURAM: IT company IVL India has announced that it is snapping ties with its German counterpart IVL GmbH with immediate effect. IVL India was one of the first IT companies to set up shop at the sprawling Technopark campus outside this Kerala capital in 1995. IVL India Managing Director Sunil Gupta said the transition would be smooth and he would acquire 100 percent shares from the parent German company. Lawyers were working out the deal. "The exact consideration that I would have to pay would be known shortly. Once the deal is over, we might continue with IVL India or some other name," he said. Gupta said he would also be acquiring Optibiz Software, which has been functioning as a partner company of IVL India at Technopark. IVL India employs 50 people, while Optibiz has 82 workers. According to IVL GmbH director Karl-Josef Errens, the reason the company decided to stop operations was that it had decided to move out of the software field and concentrate on data centres instead. "We have also decided to rename our company SEI GmbH. The Kerala operations and the German operations would henceforth be two different entities," he said. Another top official of the German company Stefan Heitmann said he expected no problems in the transition. "New business plans and new clients are being sourced for going ahead with our work and IVL India would execute works originating from Europe and Germany," he said. IVL India closed the last fiscal with a turnover of 70 million while Optibiz had a turnover of 20 million.
Source: IANS
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