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Bangalore, Nov. 15

The Pune-based Software AG India will shut down operations early next year. iGate Global Solutions announced it is winding up its joint venture arm, Software AG India. The IT and BPO firm had set up a joint venture with its client Software AG, a German software supplier, in August 2003. The venture enjoyed a start-up equity of €300,000 ($340,000) – 51 per cent from Software AG and 49 per cent from iGate Global Solutions. Insignificant revenue contribution wa s just one of the reasons why the venture was terminated. According to a BSE notice issued by iGate, the venture is no more of “strategic interest” to both companies. “The India venture was not of strategic importance to them,” Mr N. Ramachandran, CFO, iGate Global Solutions, said. Software AG in April acquired the US-based webMethods Inc., a business integration and optimisation software provider. —

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