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IT company IPVG Corp. (PSE: IP) executed a Joint
Venture Agreement with Credence Analytics, the No. 6 financial
solutions provider in the world and No. 1 in India offering
treasury, trust and risk management solutions. Under the joint
venture, the parties will form a new company called Verity
Analytics, which will engage in providing knowledge process
outsourcing (KPO) services to banking and financial sectors around
the world. The delivery center will be located in Mumbai, the
financial capital of India and will officially commence operations
in July 2008.
The value of the joint venture is
$1 million with 60% of the company owned by IPVG and 40% retained by
Credence. Under the agreement, Credence will transfer research and
development, customers, existing revenue, human resources and
operational know-how into Verity Analytics.
Verity Analytics currently
services the top Financial Institutions in the market such as ABN
Amro, State Bank of India, Fidelity and Citibank.
The business venture also marks
the 1st ever entry of a publicly listed Filipino IT company into the
KPO space for financial services in India.
Enrique Y. Gonzalez, IPVG Corp.
CEO said, "Our investment into this joint-venture is in line
with our strategic expansion into KPO and expanding our delivery
capabilities into India, the recognized leader in KPO services.
Through this investment, we are positioned to climb up the value
chain into higher margin and higher value work. This is key in
advancing the BPO industry in the Philippines and capitalizes on
cross-border synergies between Philippines and India. Credence
Analytics is a recognized leader in this field and we are already
comfortable with them as a partner."
C.K. Guruprassad, director at
Credence Analytics said, "We have a long-standing partnership
with IPVG that has enabled us to build our business in the
Philippines. With this new joint venture, we are not just extending
our existing relationship, we are sharing a vision that will bring
the level of competence for the BPO and KPO industry not only in the
region but will help us reach the global banking and financial
sectors.
Credence Analytics has expertise
in providing the best-of-breed banking and finance IT solutions to
Fortune 500 companies. Its management team has over 50 years of
banking expertise in implementing value-added services to financial
institutions.
The KPO market is growing by more
than 50% per annum, and generates over $5 billion of exports for
India. The same demand is projected in other markets like the US.
"IPVG will be leveraging on
synergies with our strategic investments in the US and Europe,
namely PROLEXIC and INFLUENT that currently have Fortune 500
client-base. Through this, we are well positioned to offer KPO
services to English-speaking markets (US and U.K) as well as upgrade
our service offering from purely voice-work, to non-voice work
thereby making us a true BPO provider for the banking and financial
sector," Gonzalez closes.
Prior to the joint venture, IPVG
has established its Financial Services offerings in the local market
through its subsidiary, IP-Converge. The addition of Verity
Analytics to IPVG's lines of business gives the conglomerate a
foothold in the KPO market not only in India but in the
international finance and banking sectors in addition to its data
and communication services, online gaming, e-commerce and mobile
services.
--Tech Times Online
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