Sigma Group

completed

The project consists of providing Sigma with up US$3 million in equity financing to help finance the expansion of its operations in the Indonesian market as well as in the U.S. and European markets. This would allow Sigma to continue to meet the growing demand for its services, particularly in the software development sector. The expansion would include: (i) funding Sigma''s market expansion through the establishment of U.S. and European based offices; and (ii) financing the purchase of computer hardware, software tools and infrastructure support such as communication links, call centers and other physical facilities in Indonesia. The project will have significant developmental impact by: (i) potentially creating several hundred, highly skilled software services jobs in Indonesia; and (ii) helping to train skilled workers in Indonesia by exposure to best practices from US and Europe.IFC''s participation would encourage other local and foreign institutions to invest in Sigma in future rounds as well as increase the group''s credibility with major global companies in securing additional contracts. IFC has also advised the company in its on-going restructuring efforts to streamline its corporate and shareholding structures under a single holding company. IFC could also introduce its existing portfolio clients (especially in the financial sector) to Sigma in order to IT-enable these clients with best-of-breed solutions that Sigma offers. IFC''s ICT department will bring its global knowledge to help Sigma fulfill its growth strategy.