|
Mumbai:
IT solutions major 3i Infotech has signed an agreement
to acquire a 51-per cent stake in Professional Access
with a right to acquire the remaining shares over a
period.
Professional
Access is a US-based company with offshore development
centers in India specialising in the area of e-commerce
for the BFSI and retail segment, with revenues of about
$24 million. 3i Infotech would pay $ 12 million for
the 51-per cent stake and the acquisition will be EPS
accretive.
This
acquisition is a strategic move for 3i Infotech as Professional
Access' global delivery model will augment 3i Infotech's
services business. Additionally, Professional Access
will allow 3i Infotech to tap in to a large base of
its blue chip clients such as Citibank, JP Morgan, Goldman
Sachs and Duke Energy in the BFSI and Retail verticals.
"The
acquisition of Professional Access is a strategic one
for 3i Infotech and is a valuable addition to our suite
of service offerings," says V Srinivasan, managing
director and CEO, 3i Infotech. "With their impressive
customer base and reach in the US market, Professional
Access will allow us to further penetrate the US market.
According
to Babu Venkatesh, CEO and president, Professional Access,
"We believe that through this partnership, we will
not only augment our service offerings but also gain
the scale which is a must in the services business."
|
