Ivega, Valtech set up tech facility
Thursday, 22 May 2003, 07:00 Hrs
BANGALORE: Bangalore-based banking and financial services software firm, Ivega Corporation announced its partnership with a leading Paris-based IT Services Company-Valtech. As per the deal, Valtech will expand its duo-shore strategy through a Joint Operating Alliance with Ivega as its exclusive partner in India. Together they will set up a dedicated offshore technology center called "Valtech-Ivega". 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. Both companies already have a strong customer list in this field including companies such as JP Morgan Chase and BNP Paribas. Commenting on the new alliance, Giri Devanur, founder and CEO, 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." Said Jean-Yves Hardy, Chairman and CEO of Valtech, "Ivega is a good 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." Valtech will transfer its existing staff and projects currently executed in Chennai to Valtech-Ivega.