The Hindu Business Line : Ivy Comptech mulls $2.5-m expansion

IVY Comptech, the 100-per cent subsidiary of the Gibraltar-based online gaming company iGlobal Media, has announced plans to expand its operations at Hyderabad. This means an additional investment of about $2.5 million and induction of about 250 people by December.

The company, with development cum support centre in Canada, plans to add about 1,000 people next year, thereby taking the overall strength in India to about 2,000. It is also exploring the option of setting up its own campus in India and is likely to take a decision shortly.

Ivy Comptech plans to move to a new facility shortly.

Addressing a press conference here on Wednesday, the Chief Executive Officer of iGlobal Media, Mr Richard Segal, said "the Indian business process cum technology support operations handled through Ivy Comptech, have become strategic and all expansion for global support would now be in India. From just about 300 people, we have added about 450 people this fiscal."

The Head of Indian Operations of Ivy Comptech, Mr Prasad Kondru, and the Chief Financial Officer, Mr Nishant Jain, said the company was among the top ten software exporters registered with Software Technology Parks of India at Hyderabad, with revenues of Rs 52 crore during 2003-2004. The company has invested about $8 million in Indian operations.

iGlobal Media is one of the fastest growing online gaming solutions provider.