Accel Frontline to acquire the Banking Solutions Division of Telesis Global Solutions

Accel Frontline Ltd has announced that the Company is acquiring the Banking Solutions Division of Telesis Global Solutions Ltd, a Chennai based software Company specializing in software products for banking applications and implementation and Migration Services for Core banking software in India, middle east and African regions. The new acquisition is in line with the Company's focus on increasing the software services revenue in the coming years. This division will he merged with the Banking Solutions Division of the Company, which currently has an MIS product framework for the Banking segment. The acquired business is expected to contribute profitable revenues of Rs 20 Crores of for FY 08 and Rs 6 Crores during FY 07. The Company signed an MOU on January 23, 2007. The acquisition is expected to be completed before January 31, 2007.

Source : Equity Bulls

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