Infosys spin-off to be acquired for $170 million

Friday, 31 December 2004, 20:30 IST
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NEW YORK: Boston-based Yantra Corp, a privately owned management solutions company spun-off from Infosys Technologies Ltd, is being acquired by Sterling Commerce for $170 million. Sterling Communications, which is a subsidiary of SBC Communications Inc, expects to conclude the transaction in the first quarter 2005, subject to regulatory review. An official announcement said Sterling hopes to retain all Yantra employees and operate the company as its new business division, headed by the company's chief executive Devdutt Yellurkar. Yantra was founded in 1995 and is headquartered in Tewksbury, a suburb of Boston in Massachusetts, with offices in the United States and Britain, besides Bangalore. The company employs more than 250 people. "With this acquisition, we expect to deliver our first suite of composite applications to support our multi-enterprise collaboration strategy," said Sam Starr, president and chief executive of Sterling. "The new product suite will help customers manage the end-to-end flow of orders, inventory, shipments and funds both inside and outside the organisation, with real-time visibility into business processes and events." SBC chairman and CEO Edward E. Whitacre Jr. said that the planned acquisition was another positive step forward in the company's growth strategy, which includes mergers and acquisitions and organic growth.
Source: IANS
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