3i Infotech signs pact to acquire a strategic stake in Professional Access

3i Infotech Ltd on November 13, 2006 has announced that it has signed an agreement to acquire a 51% stake in Professional Access with a right to acquire the 49% over a period. Professional Access is a US based Company with offshore development centers in India specializing in the area of e-commerce for the BFSI and retail segment. Professional Access is a profitable Company with revenues of about US$ 24 million. The Company would pay US$ 12 million for the 51% stake and the acquisition with the EPS accretive.

This acquisition is a strategic move for the Company as Professional Access global delivery model will augment the Company's services business. Additionally, with a reputation built over two decades, Professional Access will allow the Company to tap in to a large base of their blue chip clients such as Citibank, JP Morgan, Goldman Sachs and Duke Energy in the BFSI and Retail verticals.

Commenting on the acquisition, Mr. V Srinivasan, Managing Director and CEO, of the Company, said, "The acquisition of Professional Access is a strategic one for 3i infotech and is a valuable addition to our suite of service offerings. With their impressive customer base and reach in the US market, Professional Access will allow us to further penetrate the US market."

e-Enable Technologies Pvt Ltd: The Company acquired 51% stake in e-Enable and the balance 49% would be acquired after March 31, 2008. e-Enable is a Company focused in Business Intelligence and data warehousing. This acquisition will enable the to penetrate Business Intelligence space, which is high growth area globally.

Source : Equity Bulls

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