JV brings 3rd Generation Offshore Business Model to Europe

i-Vantage and eCODE announce formation of European Joint Venture to lower typical client offshore outsourcing costs by a further 30%

Havant, May 1st, 2003: Billed as the next generation offshore solution provider", i-Vantage CEO Amit Maheshwari and Stephen Bullas, Commercial Director of eCODE - the European Centre for Offshore Development - announced in London today that the two firms have created i-Vantage Europe Ltd.; the new JV will bring Global InServeTM, an already successful and innovative service in the US to software development companies throughout Europe.

Mr. Maheshwari commented Europe is a strategic marketplace for i-Vantage and the joint venture with eCODE enables us to establish a bridgehead much more rapidly than may otherwise have been possible."

eCODEs Stephen Bullas, the new Company's Chairman, added This deal is as a direct result of eCODE's 'UK Presence scheme - a sales initiative for encouraging overseas development companies to set up a professional but low-cost presence in the United Kingdom. eCODE recognized the significant advantages that i-Vantages Global InServeTM model brings to the development market, over and above traditional offshore offerings. In particular, it provides a controlled mechanism for the creation and ongoing management of a dedicated client software development subsidiary offshore. The facility is fully owned by the clients parent organisation and delivers crucial competitive edge through cost-reduction, scalability, control, security of Intellectual Property and quality assurance of the IT processes and operations."

The completion of the Joint Venture Agreement marks the second stage in the strategic relationship between i-Vantage, Inc. and eCODE that started in 2002 with a pilot MoU bringing higher value services to eCODEs European client base keen to gain greater benefits from the creation of their own Offshore Development Centres.

Notes to Editors:
i-Vantage, Inc., a Boston, MA based helps multinational clients create and manage offshore subsidiaries to provide IT, R&D and transactional services to their global parents. As a global operations enabler, i-Vantage is active in the Business Process Outsourcing and IT Outsourcing markets, with the focus on helping customers leverage the worldwide community for 24-x-7 cross-cultural innovation, enhanced scalability and attractive economics.

eCODE - the European Centre for Offshore Development - is an independent European based organisation that provides and promotes offshore IT Outsourcing for both customers and offshore providers. By establishing and constantly refining a broad base of partners and affiliates located throughout the world, eCODE provides access to high quality, economic resources, managed locally at its offices in the UK and Europe.

Contacts:

Stephen Bullas
Commercial Director, eCODE
E-mail: stephen.bullas@ecode.org.uk
Web: http://www.ecode.org.uk

Ian Conway
Operations Director, i-Vantage (Europe) Ltd.
E-mail: ian.conway@i-Vantage.co.uk
Web: http://www.i-vantage.co.uk
33 Broadmarsh Business Centre
Harts Farm Way
HAVANT
Hampshire
PO9 1HS
United Kingdom
Tel. +44 (023) 9244-9702