KMG acquires Chavan Software

By SiliconIndia   |   Friday, 29 November 2002, 08:00 Hrs
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BANGALORE: Key Management Group (KMG) has acquired 76 percent equity stake in Chavan Software and Services, engaged in developing custom-made solutions and providing outsourcing services for medium sized Companies.

KMG, a New York based firm, has an off shore development center in Bangalore. "This acquisition of equity in a German software company is a key element of our strategy to leverage our expertise in insurance and address the hitherto under-penetrated European market", said, KMG chairman, Subhash C Bhatia.

The new venture will be christened KMG Chavan Software Services GmbH with Chavan, a German national as its Managing Director.

"We are very happy to have Subhash Chavan on our team", said KMG, Managing Director, Rahul Gupta. "His years of experience in the German market and subsequent building up of Chavan Software Services will be of great advantage to us in executing our vision in Europe."

"I am tremendously excited about the opportunity to combine our strong customer access in the German markets with KMG’s resources, reach and scalability", said Subhash Chavan. "The insurance domain expertise of KMG in the US and its outsourcing capabilities in India combined with its ability to execute large scale projects will enable us to provide outsourcing solutions to the insurance industry with higher competitiveness."

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