Bartronics acquires two U.S. firms for $50 Mn

By SiliconIndia   |   Thursday, 31 January 2008, 12:56 Hrs
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Hyderabad: Hyderabad based Bartronics India, a smart card solutions provider, announced that it has acquired two companies in the U.S. - Proximities and SRG - for a sum of $50 million. Proximities, develops and markets radio frequency identification (RFID) tags and SRG, an IT solution provider.

With this acquisition Bartronics has entered the U.S. market. The acquisition will bring in an extra Rs 100 crore revenues in the year 2008-09 for the company. It also plans for acquisitions in European and Middle East markets next year.

"We have acquired the assets of Proximities and will get the rights for the company's five approved patents and its related products. Proximities has also filed for 20 more patents and another 122 are in the pipeline. While the company will continue to remain as a separate legal entity, we will gain control over its technology assets," said Sudhir Rao, Managing Director & Chief Executive Officer of Bartronics India.

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