Hexaware alliances Pemtrad, launches 'Risk Technology'

New Delhi, June 25 (UNI) Hexaware Technologies Ltd today said it has entered into a joint venture agreement with Pemtrad International Ltd to launch Risk Technology International (RiskTech).

'' With this, Hexaware will strengthen its Banking Financial Services and insurance (BFSI) practice by adding a third sub-vertical of ERM. We expect to achieve revenue of over 20 million dollars in the third year in RiskTech coupled with a high downstream revenue potential for Hexaware,''' stated company's Executive Chairman Atul Nishar.

With an investment of 85 per cent in the JV the company will be able to strengthen and leverage its scope of operations by offering diversified solutions in the field of enterprise risk and treasury risk management applications.

The alliance will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide.

''RiskTech will have offices in the UK, US and India,'' a statement said.

The company is a leading software service provider in the (BFSI) vertical, with over 30 customer relationships and over 40 per cent of revenues coming from this space.

The global market for risk technology is estimated to be worth 5.5 billion dollars in 2007. The growth rate is much higher as compared to that of It spends globally.

Mr Peyman Mestchian has been appointed as the Chief Executive Officer of Risktech. He will manage the business from the UK.

The company will offer a suite of technology-focused solutions for implementation and support in the areas of value-based Enterprise Risk Management (ERM) including Basel II and Pillar III based services, Regulatory Compliance, and Treasury Risk Management. In addition to the above offerings, RiskTech will also provide MIFID related services.

UNI