Author Archives: Latha Hegde

Founder of Ivega Giri Devanur resigns from board

Online PR News – 20-April-2011 –Bangalore , March 22 –

Founder of Ivega Giri Devanur resigns from board

Ivega corporation (“Ivega” or the “Company”) announces that it has received the resignation of Mr. Giri Devanur  who is leaving the board to focus on other continuing projects.

The Company’s board and management team would like to thank Mr. Devanur for his many years of service and his significant contributions to the Company’s growth. Mr. Giri Devanur founded Ivega Corporation in 1997. Ivega had raised multiple rounds of venture capital from firms like Chrys Capital and Global tech Ventures. Ivega Corp had merged with TCG software of NY in 2004.

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Giri Devanur of Ivega Secures Second Round Financing of $7 Million.

Business Editors/High-Tech Writers

BANGALORE, India–(BUSINESS WIRE)–April 7, 2000

Ivega Corporation, a Bangalore-based IT solutions and consulting company, today announced a $7 million venture capital investment from Chrysalis chrysalis (krĭs`əlĭs): see pupa.  Capital, Bank of Madura Bank of Madura (est. 1943) by Karumuttu Thiagarajan Chettiar. Bank had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s.

Bank of Madura was a larger customer base Chettiar bank, 2 million plus customer and a network of more than 280
….. Click the link for more information. and a group of private investors.

This round of financing, along with $2.4 million Ivega received one month ago, will be used to fuel internal growth, both in the U.S. and in India, and also to pursue strategic acquisitions worldwide.

Mr. Giri GIRI Guide d’Initiation à la Recherche dans l’Internet (French: Guide of Essential Internet Research)
GIRI Gray Iron Research Institute (Columbus, Ohio; now Iron Casting Research Institute)  Devanur, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Ivega, said, “Our newest investors bring Ivega the broad mixture of business skills and geographic influence we need to rapidly expand our client base and solidify our profile as a global software solutions company.”

Mr. Ravi Ramu, Ivega’s CFO See Chief Financial Officer. , added, “The timing of this investment is perfect. Ivega is poised for tremendous growth and these funds allow us to position ourselves as a key solutions provider in our target markets.”

Commenting on the investment, Mr. Raj Kondur of Chrysalis Capital said, “This groundbreaking investment is the first of its kind in a financial services technology consulting company. We expect Ivega to grow significantly in this market space and we will continue to support them with resources in skills, infrastructure and consulting.”

About Ivega Corporation

Founded in 1997, Ivega provides software and consulting for firms operating in the global financial markets and the Internet economy. Ivega’s quality-focused software development methods have earned the company ISO (1) See ISO speed.

(2) (International Organization for Standardization, Geneva, Switzerland, An organization that sets international standards, founded in 1946. The U.S. member body is ANSI.  certification, and the company executes projects to SEI-CMM standards. Ivega’s development centers in Bangalore and San Francisco employ 200 full-time IT professionals at all levels of expertise, from entry-level programmers to project managers and system architects. The company’s website can be found at

Giri Devanur of Ivega switches to ‘buy’ mode

TNN, Apr 27, 2002, 03.55am IST Bangalore: Ivega — a Bangalore-based provider of solutions for the banking, finance, insurance and food & health sectors — is looking to acquire small and medium-sized consulting firms based in the united states and Europe, as part of its expansion plans. These plans are centered around its new facility at the global village, on the outskirts of Bangalore. The company’s ceo and chairman giri devanaur said the company planned to increase its employee strength from about 100 to over 300 by the end of this fiscal. Ivega also has another 36,000-sq-ft facility, which can accommodate an additional 400 people, he said. The bulk of ivega’s new recruitment will be devoted to its offshore development work, devanaur said. Ivega’s new center would provide application development and technical services, he added. He claimed that the company had added at least eight to ten clients in the last few months. Ivega is targeting a 50 to 60 per cent year-on year increase in revenue. Banking, insurance and finance contribute about 85 per cent of ivega’s revenues currently, with the company listing finance majors such as Dresdner and bank of America as its clients. The food and health sector contributes the remaining revenue. Devanaur said Ivega is also looking to increase its presence in the insurance product market. As part of this expansion, the company is looking to expand the product line of one of its American insurance clients, which currently makes five products.

Winning encounters of the Ivega kind – Giri Devanur

TNN, Sep 26, 2001, 09.58pm IST

Bangalore: the unusually circular teak table at the conference hall sums up the Ivega philosophy. “There is no head of the table here. I believe in the democratic way of functioning. Everybody has the right to air his opinion,” says giri devanur, CEO of the four-year-old company. This attitude, coupled with a series of dramatic measures, has helped the company sustain its profitability. While, the industry quails in nervousness with companies focused on maintaining the sanctity of their balance-sheets, Ivega squats pretty on a pile of cash. So, what’s the news peg hereabouts? Tough to choose. Teksels: leading software services firm based in Switzerland, in business in Europe for over 15 years now and erstwhile partner of Infosys, is picking up “sizeable equity” in the company. The company has bagged four large clients recently. The biggest among them is a 10,000-man day, $1.5-million order from leading Swiss giant, nestle. Eighteen months down the line the company is not averse to going public. For strategic advantage Ivega is also looking at acquiring companies in the us specializing in the financial services domain. chand kaul, chairman and ceo of teksels told the times of India , “we chose to strategically invest and partner with Ivega because it is a company with proven experience and has the ability to provide end-to-end, innovative solutions to quality conscious European clients.” teksels provides services to clients like proctor & gamble and the united nations among others. The partnership aims at jointly capturing the financial services and food and health segments in Europe. Despite market turbulence, how has the company managed to remain in such fine fettle? This is due to a combination of factors. In February 2000, after growing at a steady clip of about 200 per cent, Ivega felt the need to infuse more cash to power its expansion plans. Global technology ventures, chrysalis and icici brought in a tranche of $9 million. “Instead of splurging the money indiscriminately on acquisitions as planned, i decided to tarry on the sidelines and watch the hype that was being generated all round,” says devanur. A trip to the valley, soon after the funds flowed in, was enough for the entrepreneur to spot the ephemerality behind the tech boom. In the face of enormous pressure from his VCs to spend and register higher growth rates, devanur chose to respond to gut instinct by tightening his belt. In June 2000 came another master stroke. Ivega, with strength of around 140, sold off one of its divisions employing 65 people, thereby, effectively rationalizing its manpower. “As a consequence, we have been able to keep our headcount low (200 now) with a marginal number on the benches. If i had not taken these prudent fiscal measures i would have been sitting here with a high bench and low cash reserves,” devanur points out. The company whose revenues were $9 million last year hopes to touch the $100-million target by 2005. “This will happen provided the market is alive,” says ivega’s ceo. Knowing devanur, that’s most likely to happen. In 1997, devanur came from Silicon Valley with $10,000. With five people and four pcs, he started work in a 48 sq. office on a $100,000 project for bank of America. Delivered the contract within five months. Soon the company acquired newer clients like Dresdner bank, Bristol Myers and cendant. By the second year, the company had 60 employees. Today, ivega’s swank building on Lavelle road housing 200 people occupies 25,000 sq. ft. and is the exemplar of understated elegance.


Ivega, Valtech set up tech facility – Announces Giri Devanur

Thursday, 22 May 2003, 12:30 IST

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

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TCG Software, Ivega Corp merge – Giri Devanur

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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TCG Software to merge with Ivega founded by Giri Devanur

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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Ivega acquires Qbar Tech – Announces Giri Devanur

Vishwanath Kulkarni


IVEGA Corporation has acquired the Bangalore-based Qbar Technologies, an IT consultancy firm with expertise in financial services and Internet projects.

Mr. Giri Devanur, Chief Executive Officer, Ivega, said the acquisition of Qbar would give a head-start to Ivega’s operations in the UK. Ivega, which recently started its operations in the UK, was planning to leverage on the already existing client base of Qbar, he said.

According to Mr. Devanur, the acquisition of Qbar was a strategic fit as Ivega was shifting its focus from project development to high-end consulting and project management.

Ivega’s chief financial officer, Mr. Ravi Ramu, declining to give the financial details of the deal, said the acquisition was part-stock and part-cash. Mr. Raghu Venkatesan, founder of Qbar Technologies, would be managing the UK operations for the combined entity, he said.

Mr. Devanur said Ivega was building a team of knowledge architecture and would be focusing on financial services with more vigor and on industry verticals as well. It was also planning to build its sales force in a big way and to open office in Dubai i n the next few weeks.

Ivega already has development centers in San Francisco and Bangalore, and offices in New York and London. It recently received a $7-million second round venture capital funding from Chrysalis Capital, Bank of Madura and other private investors.

Giri Devanur of Ivega secures Rs 10-cr funding from Sivan

Our Bureau


IVEGA Corporation, the Bangalore-based IT solutions and consulting company, said it had secured the first round of venture capital funding from Sivan Securities Ltd.

The initial funding of Rs. 10 crores would be used to fuel internal growth, both in the US and India, as also to actively consider strategic acquisition targets, said Mr. Ravi Ramu, Chief Financial Officer, Ivega.

Addressing a press conference, Mr. Ramu, who recently joined Ivega from KPMG, said: “As Ivega moves to the next level of development, our investment in infrastructure, resources and people will be critical to our ambitious growth plans. This capital infusion will be directed towards these areas to give us a competitive edge over major players in the industry.”

Ivega’s list of clients includes key Fortune 500 companies as well as high-growth dotcoms, according to Mr. Ramu, who also said the company was looking forward to a second round of funding.

Mr. Giri Devanur, Chief Executive Officer, said: “Ivega’s ability to grow comes from the strength of the management team which comprises the best business and technical talent from around the globe. Ivega and its clients succeed because every Ivega employee is focused on the same goal; helping clients solve tough IT problems more quickly and effectively than they ever thought possible.”

Evincing his strong belief in the company’s business prospects, Mr. V.G. Siddhartha, Managing Director, Sivan Securities, said: “Venture capitalists today look to invest in young, promising companies who can anticipate the latest business and technology trends. We believe that Ivega’s business model will give them a competitive advantage in this new-age business environment.

“Going by the company growth rate in the past two years, I am confident that Ivega will achieve a turnover of $100 millions in the next four to five years.”

Set up in August 1997, Ivega focuses on providing software applications and consulting for the global financial markets. The company has a development center in Bangalore and a software development center in San Francisco. Ivega’s development center employs about 200 full-time IT professionals at all levels. The company hopes to close the current fiscal with revenues near $6 millions.