IKYA to buy 49% stake in parent Fairfax-owned IT services co MFXchange
Summary
He will report to Ajit Isaac, MD and chairman IKYA Group and will be based out of New Delhi," the company added. "Vikram as a leader walks tall in the IT industry and is one who would revel in the challenge of building our IT business from $200 million to a target milestone of $1 billion in size. His operating intensity and knowledge of IT market combined with IKYAs investment discipline, backed by the global reach and abilities of our principle investor, Fairfax, based in Canada, will make this a potent combination," said Ajit Isaac, MD and CEO, IKYA Group. Canada-based MFXchange provides hosted information technology applications and outsourcing solutions for the US commercial property and casualty insurance industry. Recently IKYA acquired Canada-based IT and engineering professional firm Brainhunter for an undisclosed amount, and in June this year, it acquired Chennai-based industrial asset management firm Hofincons Infotech & Industrial Services Pvt Ltd, which is into electrical, mechanical and instrumentation services as well as facilities management.