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TCG Software, Ivega Corp merge
June 02, 2004 15:32 IST
TCG Software and Ivega Corporation on Wednesday announced a merger to create TCG-Ivega for provisioning of offshore IT services through its combined businesses.
"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 in Kolkata.
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.