InfrasoftTech to Acquire DFS Unit of KPIT Cummins
Tuesday, 25 October 2011, 17:07 IST
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NEW DELHI: IT company InfrasoftTech has entered into a definitive agreement with KPIT Cummins Infosystems to acquire the latter's diversified financial services (DFS) unit over the next few quarters. "This new business strongly complements our software services portfolio, in our choice of markets. It's our first major inorganic growth step which promises to complement our organic growth plans," InfrasoftTech Group Managing Director Hanuman Tripathi said in a statement today. The company, however, did not reveal financial details. KPIT Cummins' DFS unit provides project-based software services to banks and financial services firms in France, the UK, Canada, the US and India. Under the arrangement, KPIT Cummins will progressively transfer people and most of the customer contracts of its DFS Unit to InfrasoftTech, a company statement said. "In the long term business plan of InfrasoftTech, specialised software solutions and services business is expected to contribute nearly 70 per cent of our revenues in coming years," Tripathi said. InfrasoftTech specialises in software products, solutions and services provider for banking and financial services. The company has over 200 banks and financial institution clients in international markets, largely focused in the UK, Africa, Middle East, India and South Asia. With addition of DFS business in its portfolio, InfrasoftTech will gain access to about 10 new customers, 140 skilled professionals and presence in Europe, Canada and the USA markets. To service this new business, InfrasoftTech will add one new development center for InfrasoftTech in Pune and add strength to its newly set-up Chennai centre, the statement said.
Source: PTI
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