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NTT Data buys majority stake in Vertex
By siliconindia
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Monday, 19 November 2007, 20:30 IST
Pune: NTT Data, a listed subsidiary of Nippon Telegraph and Telephone, an IT services company, will acquire a majority stake in Pune-based Vertex Software, a mobile and Web applications development company.
Shinichi Yamada, CTO and Executive Vice-President of NTT Data, Ajit Patil, CEO, Vertex Software, and Ashok Kalluraya, co-founder of the company, said that a definitive agreement has been signed between the two companies.
NTT Data would now acquire 68.7 percent of outstanding equity of Vertex and the balance would remain with its founders and senior executives. Mitsui of Japan and Logicsoft of the U.S., the companies, which had initially invested in Vertex, would now transfer their share to NTT Data.
The completion of regulatory approvals and equity transfer process is expected to be completed by December. Post transaction, Vertex will continue to operate independently but would be positioned as NTT Data Group company.