Citigroup is merging the operations of two of its software shops in India to create a new company to sell products and services to third party banks.
The new venture, OrbiTech Solutions, was created by combining Citicorp Overseas Software and Citibank India Technologies. Both companies have previously worked exclusively for Citigroup.
The combined operation will have 1200 employees working out of software development centres in Bombay, Hyderabad and Madras. The group will initially focus on sales to domestic financial institutions, but will also market itself to financial institutions worldwide, says Ram Bhagwat, managing director of the new venture.