IT company IPVG Corp. has announced a Joint Venture Agreement with Credence Analytics, the 6 financial solutions provider in the world and 1 in India offering Treasury, Trust and Risk Management Solutions.
Under the joint venture, the parties will form a new company called Verity Analytics, which will engage in providing knowledge process outsourcing (KPO) services to banking and financial sectors around the world. The delivery center will be located in Mumbai, the financial capital of India and will officially commence operations in July 2008.
The value of the joint venture is US$ 1mn with 60% of the company owned by IPVG and 40% retained by Credence. Under the agreement, Credence will transfer research and development, customers, existing revenue, human resources and operational know-how into Verity Analytics.
Enrique Y. Gonzalez, CEO of IPVG Corp. said, “Our investment into this joint-venture is in line with our strategic expansion into KPO and expanding our delivery capabilities into India, the recognized leader in KPO services. Through this investment, we are positioned to climb up the value chain into higher margin and higher value work.
This is key in advancing the BPO industry in the Philippines and capitalizes on cross-border synergies between Philippines and India. Credence Analytics is a recognized leader in this field and we are already comfortable withthem as a partner.”
C.K. Guruprasad, Director at Credence Analytics said, "We have a long-standing partnership with IPVG that has enabled us to build our business in the Philippines. With this new joint venture, we are not just extending our existing relationship, we are sharing a vision that will bring the level of competence for the BPO and KPO industry not only in the region but will help us reach the global banking and financial sectors.
Credence Analytics has expertise in providing the best-of-breed banking and finance IT solutions to Fortune 500 companies. Its management team has over 50 years of banking expertise in implementing value-added services to financial institutions. The KPO market is growing by more than 50% per annum, and generates over US$5 bn of exports for India. The same demand is projected in other markets like the US.