Bank of America and Sivan Securities Establish Bangalore-based Technology Incubator.

Business Editors/Technology Writers

CHICAGO--(BUSINESS WIRE)--May 3, 2000

Banc of America Equity Partners -- Asia (BAEP) and the promoters of Bangalore-based Sivan Securities Limited (Sivan) have announced the formation of Global Technology Ventures (GTV). The new company is deemed an information technology (IT) "incubator", formed to create, build and mentor the development of Indian technology companies from its base in Bangalore. GTV will provide capital, basic infrastructure facilities, managerial talent and guidance to nurture and develop leading technology companies in India. GTV expects to support companies ranging from early stage start-ups to later stage high-growth enterprises.

GTV has already supported the development of several leading Indian IT companies in diversified fields. These include MindTree Consulting, an e-business consulting company focused on the Internet and telecommunications area; Kshema Technologies, an application and system software services company; Liqwid Krystal, an Internet-based virtual university for corporate knowledge processes; VidhyaCom Technologies, a company engaged in development of multimedia based software products and solutions; and Ionic Microsystems, a company that provides embedded system solutions using Internet/wireless communication technology. GTV is also in the process of finalizing agreements with other companies including those with domain knowledge in the areas of digital signal processing solutions, data networking technologies, Internet infrastructure and a few Internet portals.

GTV has also formed its Global Village, a 60-acre state-of-the-art incubator park based in Bangalore. The Global Village campus is intended to serve as a "plug and play" facility to support the infrastructure and related needs of IT companies and entrepreneurs. In addition to providing infrastructure support such as furnished office space, communications links, recreational facilities and a commercial center, GTV will assist developing IT companies and entrepreneurs with issues such as company incorporation, statutory clearances and other administrative and operating needs.

"GTV and its Global Village campus provide an invaluable resource for Indian IT companies and entrepreneurs," said V.G. Siddhartha, managing director of the Sivan Group. "The new enterprise will allow entrepreneurs to focus their energies on building their IT businesses and thereby accelerate their time frame for development and marketing of their products and services," he added.

"We are pleased to have the opportunity to partner with the promoters of Sivan in establishing Global Technology Ventures", said David Loseff, head of BAEP -- Asia. "We believe that the combination of Sivan's on-the-ground expertise and track record in sourcing opportunities, backing high-quality managers and building high-quality technology businesses coupled with BAEP's capital and vast network of international relationships and global affiliations will help position Global Technology Ventures as a leading value-added supporter of Indian technology companies."

The Bangalore-based Sivan Securities Limited one of the top 12 investment brokers in the country. It has a network of 35 offices spread over 25 cities in South India catering to both corporate and retail clients.

The secondary capital markets division is active in both equity and debt segments. This division is in the process of developing an Internet-based trading portal to provide an access to retail investors located in remote centres. Sivan Securities Limited is a member of the Bangalore and National Stock Exchanges.

The Investment Research Division is well positioned to monitor the developments in Indian and international economies. The division has focused on the IT sector since 1995, creating an ideal launching pad for Sivan's expansion into mentoring and nurturing IT professionals.

The promoters of the group have major interests in coffee plantations, curing, domestic sales and exports, recently setting up a chain of Internet cafes in three major south Indian cities.

Banc of America Equity Partners is the exclusive provider of private equity capital for Bank of America Corp. BAEP is a diversified investor providing equity capital to companies at all stages of the business cycle - from startup to buyout. As one of the largest private equity groups in the banking industry, BAEP holds a current portfolio of funded and unfunded commitments of US$5.2 billion. BAEP acts as strategic advisor as well as a financial partner to its investee companies, operating globally through partnership groups in the United States, Europe, Asia and Latin America. BAEP - Asia is actively pursuing investment proposals to participate in India's IT technology sector, seeking to provide growth capital and value-added partnership resources to companies leveraging the competitive advantage of high-quality offshore software talent.

Bank of America has $656 billion in assets and is the largest bank in the United States. Bank of America serves 30 million households and two million businesses, and provides corporate financial services in 190 countries. The company creates financial relationships featuring a wide array of financial services, from traditional banking products to investments and capital raising within the securities markets.

www.bankofamerica.com