The Hindu Business Line : Hexaware, US co Pemtrad float joint venture

TEAMING UP: Mr Atul Nishar, Executive Chairman, Hexaware Technologies Ltd, and Mr Peyman Mestchian, CEO, Risk Technology International, at a press conference in Mumbai on Monday. — Paul Noronha

Mumbai June 25 Hexaware Technologies has entered into a joint venture with the Jersey-based Pemtrad International Ltd to form Risk Technology International (RiskTech), a new company that will offer solutions in the enterprise risk and compliance management space.

Hexaware will have 85 per cent stake in the new company while Pemtrad will hold the remaining 15 per cent, said a release from Hexaware.

Mr Peyman Mestchian, who previously was the global head of the Enterprise Risk Management (ERM) practice at SAS Inc, will spearhead the initiative as the CEO of RiskTech.

Locations

Together Hexaware and Pemtrad will be investing $2.2 million in RiskTech in the first few months, said Mr Atul Nishar, Executive Chairman, Hexaware Technologies.

"We expect RiskTech revenues to touch above $20 million in the next three years," Mr Nishar told presspersons today. The new company will have offices in India, the US and UK.

The company will offer solutions in areas of value-based ERM like Basel II and Pillar III. It will also provide regulatory compliance, treasury risk management and MiFID (Markets in Financial Instruments Directive) related services.

RiskTech has already won four customers including banks in Europe and West Asia, Mr Mestchian said, without giving further details. "We will be hiring about 300-350 professionals in the next three years, in addition to tapping human resources from Hexaware's business intelligence & analytics wing," added Mr Mestchian.

The Hexaware scrip went down by 1.13 per cent to close at Rs 157.8 on the BSE today.

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