3i Infotech buys U.S. based Regulus Group
Tuesday, 29 April 2008, 12:17 Hrs
Mumbai: Global information technology company 3i Infotech Tuesday announced acquisition of US-based Regulus Group and its subsidiaries, an independent remittance and document processing services provider. The cost of acquisition is $80 million with an additional consideration of up to $20 million which will be linked to performance parameters. "The acquisition of Regulus Group is a strategic one and will enable 3i Infotech to strengthen its positioning in the payment processing industry," 3i Infotech managing director and CEO V. Srinivasan said. The company has signed an agreement with Regulus Group under which it would acquire 100 percent stake in the company, including its products, trademarks and brands. Regulus Group president and COO Kathleen Hamburger said: "We believe that through this partnership we will be able to expand Regulus' solutions globally and benefit from 3i Infotech's technology and services experience." California-based Regulus handles over 2.1 billion paper and electronic transactions annually. It has a nationwide network of 10 processing centres in California, Georgia, Illinois, New Jersey, North Carolina, Iowa and Texas and has around 1,300 employees.