PROJECT

Projects

Summary of Proposed Investment

Project Number

11260

Company Name

Software Ventures Int'l., Inc

Date SPI Disclosed

Feb 22, 2002

Country

Philippines

Industry

Telecommunications and Technology

Projected Board Date

Mar 29, 2002

Status

Completed

Sector

Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

Department

WBG Digital and AI

Environmental Category

B - Limited

Previous Events

Approved : Nov 21, 2002
Signed : Jun 20, 2003
Invested : Dec 23, 2003

Project Description


SVI is a leading IT services company in the Philippines. The company''s core business has historically been offshore systems development and maintenance targeting US companies, following the successful model of Indian IT services companies such as Infosys, Satyam and Wipro. Recently the company has expanded into offshore IT-enabled services such as call center services (through the acquisition of a US based company, TCI, in October 2000) and Business Processes Outsourcing (or, BPO), which include activities such as document management, billing, transcription, etc. Though most of SVI''s revenue comes from exports to the US market, in the late 1990s SVI helped develop the systems and software for the billing and collection services of the National Home Mortgage Finance Corporation (NHMFC) and developed software to help the Philippine Department of Budget and Management to track government expenditures.

The purpose of the project is to (i) restructure expensive short-term debt; and (ii) expand the company''s operations and finance general working capital needs.

By helping to finance this project, IFC would help to provide long-term financing and equity capital to a leading local IT company. Long term capital is not easily available from local financial institutions, especially for companies in the IT services business. IFC''s presence would also attract other investors in current and future rounds. IFC''s participation is also seen as lending the company very high credibility in the local market, particularly with public sector clients.

In addition, the project would help increase the export of IT services which would help the country to build on its strengths and diversify the country''s export base. It would also help enhance gender equality as the call centers employ a high number of women.

Sponsor / Cost / Location

Development Impact