The search engine giant Yahoo Inc (www.yahoo.com) announced on October 25 that Chennai, India-based iSoftTech (www.isofttech.com), which has a dedicated team of 25 high-skilled software professionals working for its client Stata Labs (www.statalabs.com), has decided to transfer the entire team to Yahoo Inc following the latter's acquisition of Stata Labs.
iSoftTech, which is owned by the US-based venture capitalist Ray Stata who promoted Stata Labs before its sale to Yahoo, and which reported a turnover of USD 1.4 million in the year ended in March 2004, will be left with 55 software professionals after the transfer of the 25 employees to Yahoo Inc.
Vijay Babu, President and CEO of iSoftTech, confirmed that a decision has been made to transfer the 25-member team to Yahoo, and said that the remaining 55 employees are now working on various projects for iSoftTech's other eight clients.
iSoftTech, which develops software products for overseas clients has recently developed Bloomba, a search engine to assist E-mail users find contacts and attachments, for Stata Labs. The recent acquisition of Stata Labs will help Yahoo Inc take on rival Microsoft's Outlook Express through Bloomba.
