Hexaware to Offer Enterprise Risk Management (ERM) Solutions Through a Joint Venture

Mumbai, Maharashtra, India

Hexaware Technologies, a leading global IT services provider, today announced that it has entered into a Joint Venture Agreement with Pemtrad International Limited to launch Risk Technology International (RiskTech).

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.

Hexaware has gained market leadership in niche areas like Asset Management and Wealth Management. With an investment of 85% in the Joint Venture, Hexaware 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.

"We have now entered the Risk management space and we expect to achieve revenue of $20mn+ in the third year in RiskTech coupled with a high downstream revenue potential for Hexaware," stated Atul Nishar, Executive Chairman, Hexaware Technologies Ltd on the launch of the company.

Peyman Mestchian has been appointed as the Chief Executive Officer of RiskTech. Formerly the Global Head of the Enterprise Risk Management Practice at SAS Inc., Peyman has vast experience in covering credit risk, market risk, operational risk and financial crime solutions.

Peyman Mestchian, CEO of Risk Technology International (RiskTech) said "I am looking forward to furthering Hexaware's market penetration. We have already won four customers, one of them being a Fortune 500 bank in Europe and the other being one of the largest banks in the Middle East."

RiskTech will be able to leverage Hexaware's international reach especially in USA, Europe and Asia-Pacific and will benefit from Hexaware's Business Intelligence & Analytics group which comprises of more than 300 professionals.

About Hexaware

Hexaware is a leading global provider of IT and BPO services. The Company has achieved leadership position in domains such as Banking, Financial Services, Travel, Transportation, Logistics and HR-IT solutions. Hexaware focuses on delivering business results leveraging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Independent Testing and Legacy Modernization. Hexaware has been providing technology solutions for business for 17 years and offers world class service delivery, technology leadership and skilled human capital. For additional information logon to www.hexaware.com


Safe Harbor Statement

Certain statements in this press release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

Source: Hexaware Technologies Ltd (Business Wire India)

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