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News >> Technology >>
Hughes Soft completes acquisition of Tenet
By siliconindia
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Monday, 10 November 2003, 20:30 IST
MUMBAI: Global software outsourcing major Hughes Software Systems Ltd has completed the acquisition of Tenet Technologies Pvt Ltd, pursuant to receipt of regulatory approvals.
The acquisition was completed on November 7 and it has become a subsidiary of the company, Hughes Software Systems informed the Bombay Stock Exchange (BSE) on Monday.
The nominees have also been inducted on the board of Tenet Technologies, it said.
Earlier, the company had informed BSE about the signing of a share purchase agreement with Tenet Technologies, under which Hughes Software was to acquire 100 per cent stake in the latter in a cash deal of Rs 18 crore.
Tenet Technologies is a Bangalore-based 3G and Internet Protocol (IP) network software services player, focusing on IP, broadband, telecom and mobile applications among others.