A company press release said that Ivega will assume the support contracts of Amoolya's customers and partners, and all trained and skilled manpower will be absorbed into the company. In addition, Amoolya will provide the necessary support to strengthen delivery, quality and HR capabilities at Ivega.

Giri Devanur, founder and chief executive officer, Ivega Corporation said, "Together we will be able to offer our customers an expanded range of banking and insurance management products and services. Furthermore we will benefit by the addition of personnel into Ivega, who would add tremendous value with their relevant domain expertise."

Ivega Corporation was founded in 1997 in Bangalore. Ivega provides solutions in the financial services domain, with focus on securities, capital markets, corporate banking, wealth management and insurance.

The company received its first round of venture funding of $8 million in 2000. Giri Devanur is the founder and chief executive officer of Ivega Corporation.

Amoolya was founded by Raghupati G Bhandi in 2001 and provides software services in health services and medical insurance. Mr Bhandi left Infosys as senior vice president to start Amoolya.