BANGALORE, June 1
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.