Ivega, Valtech to set up offshore tech center

By SiliconIndia   |   Tuesday, 27 May 2003, 07:00 Hrs
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Bangalore-based banking and financial services software firm Ivega Corporation on Tuesday announced its partnership with a leading Paris based IT Services Company - Valtech. Together they will set up a dedicated offshore technology center called “Valtech-Ivega”.

NEW DELHI: Valtech is a global IT consulting company serving clients in Europe, US and Asia. Under the terms of the alliance, Valtech has chosen to expand its duo-shore strategy through a Joint Operating Alliance with Ivega as its exclusive partner in India.

Valtech will be uniquely positioned to leverage Ivega’s skills and best practices in offshore software development to service its duo-shore offering. Valtech-Ivega will focus on Financial services and Retail sectors. Valtech and Ivega already have a strong customer list in this field including companies such as JP Morgan Chase, BNP Paribas, Société Générale, Nordea, American Reinsurance, Dresdner, etc for Financial Services, and La Redoute, Galeries Lafayette, Carrefour, FNAC, etc for Retail.

Commenting on the new alliance, Giri Devanur, Founder and Chief Executive Officer, Ivega Corporation said, “While we have a proven track record of serving the IT consulting needs of financial institutions and clients throughout the United States, we have been on the lookout for an established partner with a significant presence in Europe. Valtech is the perfect partner for our strategic objectives. We believe that the partnership between both Ivega and Valtech will bring the necessary skills and disciplines together, to respond to customers who seek diversified solutions".

Said Jean-Yves Hardy, Chairman and CEO of Valtech, “I have made 7 trips to India in the past 18 months to define the best way to operate offshore services, and to find the best partner. Ivega is a great fit for Valtech because they have the right skills, strong management and matching size to work jointly with us. Valtech has now all cards in hand to bring offshore savings to European customers.”

This relationship will be operational by June 2003 and is expected to have 200 to 300 dedicated people by the end of 2004. Valtech will transfer its existing staff and projects currently executed in Chennai to Valtech-Ivega.

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