The Hindu : Kerala / Thiruvananthapuram News : Technopark firm changes hands

Online edition of India's National Newspaper
Tuesday, Jul 13, 2004

Kerala

Kerala - Thiruvananthapuram

Technopark firm changes hands

By Our Staff Reporter

THIRUVANANTHAPURAM, JULY 12. The complete ownership of IVL India Private Ltd., a company based at the Technopark here, is being acquired by Sunil Gupta, its Managing Director.

Announcing the take-over decision at a press conference here this evening, Mr. Gupta said that he was acquiring all the shares of the company from its German promoters, SEI GmbH, subject to approval from the various regulatory bodies. He said that he had reached an `agreement in principle' to acquire complete ownership of another city-based company, Optibiz Software Technologies Private Ltd, also at the Technopark.

The details of both acquisitions, including the payment details, were being worked out, he added.

Karl-Josef Errens and Stefan Heitmann of SEI GmbH and Sujith

Philip Phillipose of Optibiz Software Technologies were also present at the press conference.

Asked whether the new company would continue to be called IVL India, Mr. Gupta said that no final decision on the name of the merged entity had been taken so far. Similarly, the management structure of the company to be formed by the union of IVL India and Optibiz Software Technologies also had to be worked out, he added.

The new company would continue to work on software development in the SAP R/3 domain and move into other areas of software development. It would continue to have business relationships with a German company promoted by Mr. Errens, he said.

The Indian company would continue to act as the offshore software development facility for business sourced from Europe by its German partner, Mr. Gupta said.

Set up at the Technopark here in 1995, IVL India was formed as a 100 per cent subsidiary of IVL Germany. The ownership of the Indian company

was later taken over by SEI GmbH. The Indian company's turnover in the last financial year was Rs. 8 crores.

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