NEW DELHI: Under the agreement, AD Solutions AG, a privately held company with headquarters in Germany and subsidiaries in Switzerland and Austria, will function as a subsidiary of NIIT, said a company statement issued here. The acquisition of AD Solutions will help NIIT to consolidate its position in the under-penetrated European market, the company said, without disclosing financial details of the takeover deal. "This acquisition is a key element of our strategy to address the hitherto under-penetrated European market," said Arvind Thakur, director and president of NIIT Technologies. "It will enable NIIT Technologies to effectively address the over $27 billion IT services market in Germany, Switzerland and Austria." NIIT Technologies, the IT services business of NIIT Ltd., provides IT solutions to customers in the U.S., Europe, Asia Pacific, Japan and India. AD Solutions, founded in 2000 through the management buy-out of a division of CGI Informatik GmbH, an IBM subsidiary, specialises in providing IT services to companies from the financial and transportation sectors. "AD Solutions is a well respected custom solution provider in the logistics and financial industry space with reputed clients," said C.N. Madhusudan, president (strategic alliances) of NIIT. "Their team of domain experts, IT consultants and sales professionals will strengthen our service offerings in these markets." Rolf Stephan, founder and chief executive officer of AD Solutions, said: "I am tremendously excited about the opportunity to combine our strong customer access with NIIT's global resources, reach and scalability." The acquisition of AD Solutions marks the completion of fourth takeover deal by NIIT in the current calendar year. In January, NIIT acquired the custom development business of the U.S.-based Click2Learn. This was followed by the acquisitions of Osprey, a SAP solutions provider, and DEI, a software services firm specialising in insurance industry. The New Delhi-based company's global customers include British Airways, ING Group, Office Depot, Singapore Airlines, SEI Investments and Toshiba.
Source: IANS