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.