GTL to acquire Genesis Consultancy Ltd through its subsidiary

GTL Ltd has announced that the Board of Directors of the Company at its meeting held on October 17, 2006, inter alia, has approved the acquisition of Genesis Consultancy Ltd, a UK based firm providing Network Management and Professional Services to Telecom Operators and OEMs. The details of the same are as follows:

a. The Company will acquire Genesis consultancy through IGTL Solutions (UK) Ltd, 100% subsidiary of its international arm International Global Tele-Systems Ltd (Mauritius). The acquisition is done at a consideration of USD 9 million in all cash deal with 100% buy-out.

b. Genesis’ revenue for the calendar year 2006 is expected to be US$ 14 million and is likely to grow at a growth rate of around 35% for calendar year 2007. Genesis has zero debt and around USD 1.9 million in cash.

c. Genesis has a pool of over 100 skilled engineers trained on 3G platform.

d. The acquisition is expected to contribute significantly to the Company's service offerings in Network Management and Professional Services and strengthen its presence in European market. Genesis enjoys strong relationship with Nokia networks for worldwide support and has presence in European, USA and APAC markets.

Source : Equity Bulls

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