3i Infotech to Acquire UK based Rhyme Systems

3i Infotech Ltd on October 20, 2006 has announced the signing of an agreement to acquire UK based asset management software Company, Rhyme Systems.

Close on the heels of the Liverpool Victoria Insurance client win, the strategic acquisition of Rhyme Systems would complement the Company's foray into UK’s lucrative BFSI market. Rhyme Systems, a profitable Company with revenue of over 15 million pounds (equivalent to 28 million US dollars) has eight of the top eleven UK private wealth asset management Companies as its clients. Some of the prestigious clients are Brewin Dolphin, Coutts RBS, Jupiter, M&G, Barclays and LCH Clearnet. Rhyme has two products for the asset management industry, namely, rhymeSIGHT & Quasar and three products for broking industry namely, Altimis, Fiscal and Arrow. These products enable asset, fund and private wealth managers to achieve optimum performance through market leading software solutions. These products operate in the manufacturing and operations elements of the asset management process, including portfolio management, investment administration, clearing, settlement, order management and accounting. This acquisition will be EPS accretive to the Company's shareholders.

Commenting on the results and acquisition of Rhyme Systems, Mr. V Srinivasan, Managing Director & CEO, of the Company said, "This has been an exciting quarter for 3i Infotech both in terms of growth in revenue as well as expansion of our solution offerings with acquisition of G4 technologies and Rhyme Systems"

He further added, "The Rhyme Systems acquisition is a move to further consolidate our position as a strong BFSI player. We, as a solution provider, constantly evaluate our BFSI offering vis-à-vis market demands and grow our business by filling the gaps in our range of products and solutions. As is evident from the Company’s growth over the past years, we are now well poised to be amongst the most aggressive and fast growing Companies globally."

The Company has also announced the following:

- The Company won the Asia Insurance Industry Award to Service Provider of the year the second consecutive year.

- The Company has also won the Frost & Sullivan Product Innovation Insurance software award 2006.

Source : Equity Bulls

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