Financial Daily from THE HINDU group of publications
Saturday, May 07, 2005
Financial Daily from THE HINDU group of publications Saturday, May 07, 2005 |
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Info-Tech
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Alliances & Joint Ventures SQA Labs to invest $15 m in Vensoft over 3 years Our Bureau
Hyderabad , May 6 SQA Labs Inc, a US-based software solutions provider for mortgage lending and financial services industry, has decided to invest $10 million-15 million in the Hyderabad-based Vensoft India Private Ltd in the next three years. An understanding to release $3 million in the first phase has been signed this week. The company had an option to pick equity in Vensoft as the pact progressed. Addressing a press conference here on Friday, Mr Raminder Singh, Vice-President (Business Development and strategic client relationships) of SQA Labs, said Vensoft would offer product support to the joint venture between SQA Labs and LSSI (Lender Support Systems, Inc.). He said the SQA Labs, which did $8 m in 2004, was looking at $14 million in 2005 and $50 m by 2007-08. To offer the product support, Vensoft would take the employee strength to 400 from 60 by 2006.
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