Web Spiders acquires 51 percent stake in Netwings Infotech
By siliconindia   |   Tuesday, 28 July 2009, 18:11 IST   |    3 Comments
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Web Spiders acquires 51 percent stake in Netwings Infotech
Bangalore: Web Spiders (India), a Kolkata-based software consulting firm, has acquired 51 percent stake in Netwings Infotech (NIPL), which is engaged in delivering fibre optic networking and GIS (Geographic Information System) solutions. With this deal, the company which was earlier only into manufacturing and software development has entered the domain of systems integration. Supreme, a company that manufactures fibre optic, telecom and power equipment has a 50 percent shareholding in Web Spiders. Siddharth Jhunjhunwala, Founder and CEO of Web Spiders said, "For me this marks a return to the networking business since the first venture Leo Compuware. From manufacturing to software to systems integration, this is a phenomenal development." For weather services, the company recently tied up with Reliance Big FM in Mumbai and is supplying all monsoon data to the client. Besides domestic operations, the company has presence in the U.S. and U.K. and is spreading its arm in the Middle East regions including Dubai as one of the focus area. With the deal, the group now has over $55 million in revenues, offices across India, U.S. and Europe, and provides customers an unprecedented end-to-end corporate IT solution. Harish Agarwal, Director of Web Spiders and Supreme remarked, "Supreme provides end to end solutions by executing engineering, procurement and construction contracts and Web Spiders is an established software services provider in over 10 countries. With the investment in Netwings, this provides our group customers unparalleled systems integration expertise in large scale networking and GIS Solutions." Web Spiders services include mobile application and product development for m-commerce and entertainment, rich internet apps development, enterprise CMS and e-commerce deployment using Ektron, Interwoven and Open source platforms in various verticals like healthcare, media and entertainment, automotive and manufacturing. The group targets to grow by 45 to50 per cent in terms of revenue this fiscal and is also looking at overseas acquisitions in areas of web-based software development. It has set aside around $5 million for this.

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