GCI received $30 million in funding from Oak Investment Partners in 2006 to help fund future acquisitions and continue to grow its business worldwide. Todayâs acquisition is proof of this earlier announcement and part of the companyâs future growth initiatives. In fact, GCI has continued its rapid global expansion with over $250 million in total sales in 2006, resulting in year-over-year increase of over 35%. GCI is now well positioned as one of the leading mid-size IT service companies in the industry.
Chairman & CEO of GCI, Hiten Patel, said, âWe are committed to growing organically and through acquisitions in order to continue to scale our global operations and strengthen our core practices. The acquisition of IVL is another step in this direction. Needless to say, we have a strategic road map for the future and IVL India is a key part of that strategy moving forward.â
With this acquisition, GCIâs ERP Practice globally is now over 700 professionals. Todayâs acquisition will allow GCI to strengthen its ERP Practice and inherit IVL Indiaâs competencies as well as enhance an already strong relationship with SAP. In addition, IVL Indiaâs Kerala presence gives GCI a competitive edge with a non-metro location, resulting in cost advantages and access to an alternate talent pool. GCI plans to grow this delivery center to over 1000 people in the next year, leveraging this location through its established BestShore Global Engagement Model.
âGCIâs acquisition of IVL India now enables our products and offerings to be part of GCIâs core solutions and services to Fortune 100 customers, which is immensely satisfying,â said Sunil Gupta, managing director, IVL India. âThere is huge demand for high-value ERP solutions and services in the enterprise segment today, and we are excited to tap into these opportunities as part of GCI. Meanwhile, we will continue as the ERP practice of GCI and it will be business as usual with all our existing and potential clients.â
IVL India is one of the oldest and most reputable SAP services firms in India today. The acquisition will help GCI rapidly scale its ERP capabilities as well as service the growing needs of their international clients. In addition, GCI will now have greater access to the excellent technology talent available in Kerala, leveraging IVL Indiaâs reputation in this region.
"We are pleased with our overall growth and client-related performance this past year. However, we expect 2007 to be another major milestone year for us as we continue to expand our presence on a global scale, especially in China and Brazil, as well as expand our technology practices and domain expertise in key verticals," said Ashwin Rao, senior vice president, GCI.
GCI primarily services Global 2000 customers in a range of industries, including banking and financial services, telecommunications, retail, manufacturing, and pharmaceutical & health care. Services provided range from information technology application development and maintenance, Web 2.0 services, enterprise software solution deployment, eBusiness implementations, to quality assurance and testing and other highly-specialized technology offerings.