Hyderabad-based software solutions and IPTV provider Goldstone Technologies has acquired 51% stake in 4G Informatics for an undisclosed amount. 4G Informatics is a privately-held firm in Hyderabad specialising in biometric identity solutions,
With the acquisition, Goldstone will be getting a foothold in the emerging identity solutions market in India. The company will use a combination of cash and stock as per the guidelines of the Securities and Exchange Board of India (Sebi) to fund the acquisition, according to a release issued by the company today.
The cash component would be used to pay part of the consideration to the promoters of 4G Informatics. Sreeni Tripuraneni, founder and chief executive officer of 4G Informatics, would continue to manage the company along with its team. Goldstone Technologies will appoint two directors to the board of 4G Informatics.(Business Standard)