Business Daily from THE HINDU group of publications
Tuesday, Jul 03, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 03, 2007 ePaper |
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Info-Tech
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Alliances & Joint Ventures Congruent forms joint venture with European co
T.E. Raja Simhan Chennai, July 2 Congruent Solutions, a Chennai-based IT company, has formed a joint venture with EMDI Europe SA, a Luxembourg-based company, to offer software services to European companies, according to Mr Bala J. Raman, co-founder and President, Congruent Solutions. Mr Raman said the joint venture company is called EMDI Congruent Solutions SA and based out of Luxembourg. EMDI will have 51 per cent stake in the joint venture company and Congruent the rest, he told Business Line without disclosing the total investment. EMDI has been providing engineering services in Europe for over two decades and will provide the front-end support while Congruent will offer offshore and onsite software support, including infrastructure management. EMDI Congruent will offer IT services and software development to European customers, especially in France and Germany, having old technologies and would like to migrate to new version. Congruent has around 165 employees and revenues of $5 million (Rs 20 crore). It provides offshore 401(k) pension administration services for Plan Providers and Third Party Administrators (TPAs), including Fidelity, JP Morgan and Charles Schwab, in the US by offering a combination of technology development and business support services. The US pension administration system is similar to the Indian provident fund, except that the funds are managed by private players and not by the Government. Congruent provides support for TPAs, he said.
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