NEW DELHI: TCG Software and Ivega Corporation on Wednesday announced a merger to create TCG-Ivega for providing offshore IT services through the combined business.

“TCG-Ivega will be a leading provider of high value specialist IT services to TCG Software and Ivega’s overlapping financial services, pharmaceutical and healthcare, manufacturing and telecommunication customer communities in India, North America, Europe, Asia Pacific and Middle East,” a company release said here.
TCG Group would have controlling stake in the merged entity. “The investments in Ivega by venture capital firms Global Tech Ventures and ChrysCapital have been bought out completely,” it said.

The stock and cash deal is expected to close by July 2004, subject to regulatory approval.

Giri Devanur, chairman and CEO of Ivega Corporation would now head the organisation as managing director and CEO of TCG-Ivega.

“The merger of TCG Software and Ivega Corporation will create a new force in specialist information technology services. Both companies performed well in 2003 and are coming together from positions of strength at a time when there are significant opportunities for enhanced future growth,” Purnendu Chatterjee, chairman of The Chatterjee Group said

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By Our Staff Correspondent

KOLKATA, JUNE 3. The Kolkata based TCG Software, the IT arm of the Chatterjee group, and the Bangalore based Ivega Corporation announced on Wednesday a merger creating TCG-Ivega.

The TCG group has acquired the controlling stake of over 75 per cent in the merged entity with a combined turnover of over Rs. 100 crores.

In a `stock and cash’ deal, which is scheduled to be closed in July, the Chatterjee group of Purnendu Chatterjee has bought out the entire investment in Ivega by venture capital firms such as Global Tech Ventures (GTV) and ChrysCapital.

TCG was the prime mover in the joint sector Haldia Petrochemicals in Bengal.

According to a company release, Giri Devanur, Chairman and CEO of Ivega Corp, would be the Managing Director and CEO of TCG-Ivega while the office of Chairman will be occupied by Mr. Chatterjee.

Speaking to The Hindu on behalf of TCG, Shome Sengupta, said both companies had common business. Naturally the new company would continue to provide high value specialist IT services to financial services, pharmaceutical and healthcare, manufacturing and telecommunications customer commodities in India, North America, Europe, Asia Pacific and Middle East.

“However, there will be a change in our growth perception,” Mr. Sengupta said adding that the “TCG-Ivega will pursue a faster rate of growth” in the existing areas of business through about 700 qualified staff, development growth centers in Bangalore, Kolkata, Mumbai and the U.S.

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