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Thursday, May 04, 2006

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Secova, UltraLink merge

Our Bureau

Chennai , May 3

Secova eServices Inc and UltraLink Inc, both US-based companies with the former having a development centre in Chennai, have merged to form a single service provider of human resources and employee benefits administration.

Secova's investor, Barings Private Equity Investment, bought out UltraLink's investors, including Capital Z Partners and Trident Capital, and merged UltraLink with Secova, said Mr Venkat Tadanki, CEO of Secova, in a media teleconference from the US.

He refused to give financial details of the deal.

The name of the merged entity may be Secova. Mr Tadanki said that he would be the CEO of the combined company, which is likely to invest a couple of million dollars in India.

He said the revenue of the merged entity, stating that it could range between $10 million and $20 million.

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