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IPVG Corp. told the Philippine Stock Exchange that its partner,
Credence Analytics (India) Pvt Ltd will break up its business units
to form a knowledge processing outsourcing (KPO) joint venture
company.
In its disclosure, IPVG said its Indian partner
“shall demerge its KPO business from its software business” and
then this will be housed in Verity Analytics Pvt Ltd, their joint
venture company in Mumbai, India. The new firm will provide KPO
services to local and international banking and other financial
institutions.
IPVG, which will own 60 percent of the joint
venture firm, will initially inject $400,000 additional capital into
it. An additional $200,000 will be poured in “subject to the
accomplishment by the joint venture company of the financial
benchmarks” under the agreement, the Philippine company said.
Verity Analytics’ total assets, including
tangible and intangible assets, is estimated to reach $1 million.
IPVG disclosed that Verity Analytics services
top financial institutions like ABN Amro, State Bank of India,
Fidelity and Citibank. The partnership is also the first entry of a
publicly listed Filipino IT company into the KPO space for financial
services in India.
Through Verity analytics, IPVG said it has
gained a leg up in the global business process outsourcing (BPO) and
KPO space servicing English-speaking markets. “
At end-March, IPVG’s net income grew 5.5 times
to P33.91 million year on year as revenues surged 430 percent to
P828 million. Online games continued to be the biggest earner for
the company delivering P57.13 million, followed by its
communications arm at P7.74 million. Its BPO business is still
incurred losses of P5.31 million during the quarter.
Earlier, IPVG said it will expand its business
in China through Prolexic Technologies Inc., which will also be
brought to India.
-- Likha C. Cuevas-Miel
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