IKYA Group Announces Formation of Global Technology Services Group and the Appointment of President for IT Business

Mr. Vikram Gulati joins IKYA Group as President – Global Technology Services Group

Bangalore, November 7, 2014: IKYA Group (“IKYA”) entered into a definitive agreement on November 3, 2014 with Fairfax Financial Holdings Limited (“Fairfax”) to acquire a 49% stake in MFXchange Holdings, Inc (“MFX”).

The integration of MFX with IKYA will result in the formation of the Global Technology Services Group (“GTS Group”) marking IKYA’s entry into IT Services and Solutions space in the North American market.

Based out of Morristown, NJ (US), MFX is a leading provider of hosted information technology applications and outsourcing solutions for the U.S. commercial property and casualty insurance industry.

The GTS Group of IKYA focuses on 3 major areas: IT Staff Augmentation, Solutions and Products. In IT Staff Augmentation, Magna Infotech (an IKYA Group Company) has emerged as the largest player in India, with a strong presence in ASEAN markets. The Group’s recent acquisition – Brainhunter, is its vehicle into the North American IT Staff Augmentation market. The Solutions & Products business will be driven by the current transaction and the existing Offshore Delivery Center in Chennai.

The combination of MFX’s insurance technology platform with IKYA’s worldwide business services expertise will create a formidable international platform, generating enhanced offerings to their respective clients, and creating a unique organization in the technology and business services marketplace.

As part of the transaction, it is our great pleasure to welcome on board Mr. Vikram Gulati who will become the President – GTS Group of IKYA and CEO of MFX. Mr. Gulati was most recently the founding CEO and Managing Director of Happiest Minds. Prior to this role, he was the President and CEO of Intelligroup Inc. and headed the Enterprise Applications Solutions Business at Wipro Ltd.

Vikram will be responsible for both the strategic and operational aspects of the IT business. He will report to Mr. Ajit Isaac, MD & Chairman IKYA Group and will be based out of New Jersey.

Commenting on the appointment, Mr. Ajit Isaac, said, “Vikram as a leader walks tall in the IT industry and is one who would revel 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 IKYA’s investment discipline, backed by the global reach and abilities of our principle investor, Fairfax, based in Canada, will make this a potent combination.”

On joining Ikya Group Vikram commented “I am very happy to be a part of the Ikya family. The IT business at Ikya has tremendous potential and I look forward to working along with leadership of the group companies to achieve rapid growth by sharply focusing on the market opportunities and leveraging the strengths of the Group companies.”