Giri Devanur of Ivega Secures Second Round Financing of $7 Million.

Business Editors/High-Tech Writers

BANGALORE, India–(BUSINESS WIRE)–April 7, 2000

Ivega Corporation, a Bangalore-based IT solutions and consulting company, today announced a $7 million venture capital investment from Chrysalis chrysalis (krĭs`əlĭs): see pupa.  Capital, Bank of Madura Bank of Madura (est. 1943) by Karumuttu Thiagarajan Chettiar. Bank had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s.

Bank of Madura was a larger customer base Chettiar bank, 2 million plus customer and a network of more than 280
….. Click the link for more information. and a group of private investors.

This round of financing, along with $2.4 million Ivega received one month ago, will be used to fuel internal growth, both in the U.S. and in India, and also to pursue strategic acquisitions worldwide.

Mr. Giri GIRI Guide d’Initiation à la Recherche dans l’Internet (French: Guide of Essential Internet Research)
GIRI Gray Iron Research Institute (Columbus, Ohio; now Iron Casting Research Institute)  Devanur, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Ivega, said, “Our newest investors bring Ivega the broad mixture of business skills and geographic influence we need to rapidly expand our client base and solidify our profile as a global software solutions company.”

Mr. Ravi Ramu, Ivega’s CFO See Chief Financial Officer. , added, “The timing of this investment is perfect. Ivega is poised for tremendous growth and these funds allow us to position ourselves as a key solutions provider in our target markets.”

Commenting on the investment, Mr. Raj Kondur of Chrysalis Capital said, “This groundbreaking investment is the first of its kind in a financial services technology consulting company. We expect Ivega to grow significantly in this market space and we will continue to support them with resources in skills, infrastructure and consulting.”

About Ivega Corporation

Founded in 1997, Ivega provides software and consulting for firms operating in the global financial markets and the Internet economy. Ivega’s quality-focused software development methods have earned the company ISO (1) See ISO speed.

(2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI.  certification, and the company executes projects to SEI-CMM standards. Ivega’s development centers in Bangalore and San Francisco employ 200 full-time IT professionals at all levels of expertise, from entry-level programmers to project managers and system architects. The company’s website can be found at www.ivegacorp.com.

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