Satyam Computer Services Ltd on Tuesday has entered into a definitive agreement to acquire 100% stake of UK-based Nitor Global Solutions Ltd (NITOR), a niche consulting firm providing Infrastructure Management Services (IMS), for up to GBP 2.76mn (US$5.5mn) in cash.
The deal marks the second acquisition in Europe by the Indian software giant which recorded revenues of US$1.46bn in the fiscal year ended March 31, 2007. NITOR, which was founded in 2002, posted revenues of US$3mn for year ended September 2007.
NITOR has rich expertise in end-to-end solution implementation and program / project management in the IMS space. NITOR brings to Satyam new relationships with some of the dominant players in Banking, Pharma, and Telecom & Media industry in Europe.
Nick Sharma, Global Head of Satyam's IMS Business said, “The acquisition of NITOR is of strategic importance to our business. With this acquisition we are confident of achieving rapid growth in our Europe IMS business. The people at NITOR are seasoned IMS professionals, held in high regard by their customer community as well as the Alliance community and known for their flawless execution of high end IMS consulting projects.”
“We are confident that their leadership will provide the right impetus for our IMS Business growth in Europe” said Nick. Satyam will merge NITOR into its IMS business. Todd Whaley will lead Satyam's IMS business in Europe following the acquisition.
Source: India Infoline