Hexaware forms RiskTech in joint venture with Pemtrad

By siliconindia   |   Tuesday, 26 June 2007, 07:00 Hrs
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Mumbai: After Asset Management and Wealth Management, Hexaware Technologies now enters the risk management space in a joint venture with the Jersey based Pemtrad International to form Risk Technology International (RiskTech). The new entity will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide.

RiskTech will have offices in the U.K., U.S. and India. Hexaware will hold the 85 percent stakes in RiskTech while Pemtrad will hold the remaining 15 percent.

The company will be headed by Peyman Mestchian as the CEO who was previously the global head of Enterprise Risk Management (ERM) at SAS Inc. RiskTech will offer solutions in the areas of value based ERM like Basel II and Pillar III. RiskTech has already won four customers including banks in Europe and West Asia, reported Business Line.

According to Mestchian the company will hire about 300 to 350 professionals in the next three years in addition to tapping human resources from Hexaware's business intelligence and analytics wings. The global market for risk technology is estimated to be worth $5.5 billion in 2007. The revenues of RiskTech are expected to cross $20 million in next three years.

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