iVantage set to forge more industry alliances

With a solid ownership base in leading information technology (IT) firms and the financial backing of some of the country's known business tycoons, the newly-restructured iVantage Corp. is seeking to position itself at the frontline of the country's "new economy" ventures by forging more industry alliances, including a broad-based fusion with foreign partners.

iVantage's executive committee chairman and board director William Chua told The STAR that on top of equity infusion in six local IT firms-- all considered leaders in their respective fields--the company will still be looking at other companies to invest in and seek partnership with strategic foreign companies.

"We're setting the stage for the next phase in the company's business development as we look at other companies to invest in, manage and operate. But we're not limiting our options to domestic companies alone," Chua said.

From a fund manager and equities holding firm, iVantage has shifted focus toward It initiatives with its entry into six IT companies, forming a formidable consortium that already has an established presence in the local market.

These include software developer Jupiter Systems, Internet search engine and portal Yehey.com, computer distributor Wordtext Systems, systems integrator Nexus Technologies, internet consulting firm WS Fiesta Online, and medical transcription software developer IPD Systems.

Former Microsoft Philippines country manager Dave de Leon, who takes over as iVantage president and chief operating officer, added that under this initiative, "the company will reposition itself to invest in and operate core technology companies as well as other IT and Internet ventures."

To support this strategy, the company will be boosting the capital stock from P1.2 billion to P5 billion, a substantial chunk of which will be funneled in by the private placement of banker Jacinto Ng Jr. and Hans Sy of the SM Group.

"The formation of iVantage seeks to positively affect the country's development by driving investments in IT." De Leon said.

Aside from De Leon and Chua, iVantage has taken in another driving force in the local IT industry to its board. IT veteran Juan Chua will be the consortium's strategic planner, taking with him his vast experience in several high-profile companies like Infonet Solutions, Edupro Inc. and Nexus Technologies.

Other board members include chairman and CEO Ben Tiu, whose business interest include real estate and banking (International Exchange Bank); Jerry Tiu; former PSE chairman and Wealth Securities' Wilson Sy; the Sy brothers (Hans and Harley); and the Belle Corp. boys led by Willy Ocier and Gregorio Yu.