ISG NovaSoft buys stake in Irish co

By agencies   |   Thursday, 20 October 2005, 07:00 Hrs
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CHENNAI: ISG NovaSoft Technologies Ltd (ISGN), the Chennai-based K K Birla group company, has acquired 55 percent stake in GMACCM Technology Europe Ltd (GTEL), an Irish software solutions company, from GMAC Commercial Holding Corporation.

Commenting on stake, the company’s Chief Executive Officer, Krishna Kumar Srinivasan said that the acquisition would help the company to offer compliance solutions globally to large and mid-size companies, governments and educational institutions.

ISGN is likely to report revenues of $17-20 million for the current financial year. The Irish company, which has 15 employees, on a stand-alone basis is likely to report revenues of $3 million, he said.
For this financial year ISGN would spend $0.56 million on infrastructure and double its workforce to around 600, he said.

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