Hexaware to offer risk management through a new venture

Mumbai, June 25 (UNI) With an aim to cater to the growing risk management space of financial institutions, leading IT services provider, Hexaware Technologies today entered into a joint venture agreement with an UK based company, Pemtrad International Limited to launch a new entity 'Risk Technology International'(Rich Tech).

The new entity will focus specifically in offering a technology intensive solution in the domain of enterprise risk and compliance management to the financial institutions. Rich Tech' will have offices in UK, USA and India.

Hexaware will have a lion's share of 85 per cent in the new company and will invest USD 3 mn in next two to three months.

The global market for risk technology is estimated to be worth USD 5.5 bn and is growing globally.

The new entity has already bagged four deals, one from a fortune 500 bank in Europe and the rest from banks in Middle East.

Atul Nishar, Executive Chairman, Hexaware Limited said,'' After asset management and wealth management we want to now tap the risk management space through this new venture.'' The company expects to achieve revenue of USD 20 mn in the third year of its operation.

Peymen Mestchian, has been appointed as the CEO of the company who was earlier heading risk management practice at SAS Inc.

Mestchian will be based at UK and will look after the global operations of the company.

''Risk tech will provide a new line of business for the entire Hexaware organisation. The company will add atleast half a dozen clients in next six months'', said Mestchian.

UNI