IT People to by Cyberwerx

IT People India Ltd has announced that the Company has entered in to strategic 'Business Buyout' agreement with Cyberwerx in India. Cyberwerx Software Solutions is a leading organization in 'Telecom & Networking' space and offers customers turnkey product development strategies and seamless team augmentation thus enables in 'Transfer of Technology & Process Alignment' besides 'Testing and Test Automation' support. Cyberwerx Software solutions have their Development Centre at Bangalore Cyberwerx also supports its clients through Extended Development Centre (EDC).

The alliance has resulted in the transfer of ownership and performance of existing business contracts and related assets including employees to IT people. The deal is expected to enhance IT People's IT Consulting business and give a direct access to some of the top telecom clients and therefore strengthen the Company's initiative to expand its presence in telecom vertical, testing, security, technical writing and networking. Some of the Cyberwerx leading multinational clients at Nokia- Siemens, Airvana, CISCO, etc.

"This strategic initiative is to strengthen IT People's presence in "Telecom & Networking" Technology space. Our in-depth experience and Centre of Excellence in this space has clinched the deal in our favour and we are sure this will significantly help international clients in the long-run", said Mr. Ketan Sheth, Chairman of the Company.

IT People India

IT People India Ltd has informed that the Board of Directors of the Company at its meeting held on September 24, 2007, has approved the acquisition of 100% stake in Marketplace Technologies Pvt Ltd, formerly known as ENC Software Solutions Pvt Ltd., a closely held Company, and the eventual amalgamation of it in to IT People, subject to necessary approvals from shareholders and authorities. The Company has entered into Memorandum of Understanding (MOU) with the promoters (stakeholders) of Marketplace Technologies Pvt Ltd on September 24, 2007.