Adea to acquire Netkraft in $130-M deal

By siliconindia staff writer   |   Thursday, 10 June 2004, 19:30 IST
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BANGALORE: Software services firm Netkraft on Thursday said it is being acquired by privately held business process and technology consulting company, US-based Adea Solutions, in an all cash deal. Bangalore-based Netkraft builds and implements software solutions to retail and distribution and healthcare and life science markets and the $130 million Dallas-based Adeas has a strong presence in the telecom market. Anand Sudarshan, CEO, Netkraft, told reporters that Netkraft would eventually become a fully owned subsidiary of Adea but declined to disclose the value of the deal. Adea solutions is buying the holdings of JumpStartUp, Actis and Draper, who are investors in Netkraft, as well as those of other shareholders. The acquisition is subject to regulatory and other approvals, which is expected to be completed by July 2004. Netkraft, which made a turnaround in 2003-2004 when it became a profit-making company, has raised $8.5 million since its inception.