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IPVG Creates New KPO Joint Venture with Credence Analytics
Makati City, 14 May 2008
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T company IPVG Corp. (PSE: IP) executed today a Joint Venture Agreement with Credence Analytics, the #7 financial solutions provider in the world and #1 in India offering Treasury, Trust and Risk Management Solutions1. 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.
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he value of
the joint venture is US$ 1million 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.
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erity Analytics currently services the top Financial Institutions in the market such as ABN Amro, State Bank of India, Fidelity and Citibank. The business venture also marks the 1st ever entry of a publicly listed Filipino IT company into the KPO space for financial services in India.
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nrique 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 with them as a partner.”
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.K. Guruprassad,
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.
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redence
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.
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he KPO market is growing by more than 50% per annum, and generates over US$5 billion of exports for India. The same demand is projected in other markets like the US. “IPVG will be leveraging on synergies with our strategic investments in the US and Europe, namely PROLEXIC and INFLUENT that currently have Fortune 500 client-base. Through this, we are well positioned to offer KPO services to English-speaking markets (US and U.K) as well as upgrade our service offering from purely voice-work, to non-voice work thereby making us a true BPO provider for the banking and financial sector,” Gonzalez closes.
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rior
to the joint venture, IPVG has established its Financial Services offerings in
the local market through its subsidiary, IP-Converge. The addition of Verity
Analytics to IPVG’s lines of business gives the conglomerate a foothold in the
KPO market not only in India but in the international finance and banking
sectors in addition to its data and communication services, online gaming,
e-commerce and mobile services.
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redence Analytics is an India-based financial
solutions company with strong domain and technology skills in the banking and
financial services arena. Credence offers a wide range of specialized treasury,
investment & risk management, and client servicing solutions which
translate to high value propositions for our customers. Credence operates
through a network of partners to provide comprehensive implementation and
maintenance support in local markets. For more information, visit www.credenceanalytics.com.
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PVG is publicly listed on the Philippine Stock Exchange (PSE Ticker Symbol: IP) and engaged in the information technology and communications space in South East Asia. IPVG owns three operating subsidiaries in: (i) Information Technology and Telecommunications (IT&T); (ii) on-line gaming, and (iii) Business Process Outsourcing (BPO) with presence in the Philippines, Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA.
| Credence Analytics 301, Palmspring, New Link Road, Malad (W) Mumbai, India. Pin - 400 064 Tel: +91 22 4061 1000 Fax: +91 22 4061 1000 visit us: www.credenceanalytics.com Mail to: marketing@credenceanalytics.com |
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