Satyam Acquires Citisoft for $39 M

By Agencies   |   Friday, 22 April 2005, 07:00 Hrs
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MUMBAI :Satyam Computer Services Ltd., one of IndiaÂ’s top-five software services firm, would acquire UK based investment management consultancy Citisoft for $39 million.

Founded in 1986, Citisoft is a consulting services firm that offers services to fund management industry. Satyam will initially buy up to 75 percent of Citisoft and the balance in two equal installments, said Satyam.

Citisoft currently has offices in Britain and the United States. This transaction is expected to be completed by end of April 2005. IT spending by fund managers is expected to outstrip growth of such spending in the financial industry as a whole, Satyam said in a statement.
Citisoft sees this a step to up its recruitment, while for Satyam this deal can enable it to reach clients in most regions of the world through Citisoft.

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