ICRA Techno Analytics to Pick up Majority Stake in US firm

Kolkata: City-based software company ICRA Techno Analytics (ICTEAS) will shortly acquire the majority stake in BPA Technologies Inc, a California-based business consulting and technology services firm, a top official of the rating agency ICRA promoted firm said. "We are in the process of picking up majority stake in BPA Technologies. We will shortly buy 50.1 percent stake within the next ten days. And over the next two years we would acquire 25 percent and24.9 per cent stake respectively," P.K. Choudhury, vice-chairman and group chief executive of ICRA, said here. "We will complete the process of the entire acquisition by 2014." The acquisition of BPA is structured in three tranches over a period of three years. The valuation of BPA would be performance-linked and is estimated at approximately $16 million. BPA, which has development centres in Chennai and Visakhapatnam, besides a sales and customer service centre in Singapore, is focussed on Enterprise Content Management, Enterprise Portal and Collaboration. Choudhury said the company, which has its clients in the US, Britain, Asia and Africa, now required a larger presence in the US. "And BPA gives us exactly what we need. The skill sets of the two companies are complementary, and there is significant convergence in terms of the industry verticals that ICTEAS and BPA focus on," he added.