The Hindu Business Line : Ivega ties up with French co Valtech

BANGALORE-based banking and financial services software firm Ivega Corporation today announced its partnership with the Paris-based Valtech. Valtech is a $100-million, global IT consulting company serving clients in Europe, US and Asia.

Both companies will set up a dedicated offshore technology centre in Bangalore called "Valtech Ivega," expected to be operational by June this year. The offshore centre is expected to have 200-300 dedicated people by end-2004, said a company press release. Valtech will transfer its existing staff and projects currently executed in Chennai to Valtech-Ivega, which will focus on financial services and retail sectors.

Both firms 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.

Mr Giri Devanur, founder and CEO, Ivega, said, "While we have a proven track record of serving financial institutions and clients throughout the US, 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"

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