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Exclusive: Paradyne Infotech, now called Glodyne Technoserve Ltd, is close to making a US acquisition. The seller is Front Office Technologies, a US-based network and server management service company. The announcement is expected in the next two days, according to sources close to the development. Glodyne is founded by Annand Sarnnaik. The company has two SBUs - application software services and technology infrastructure management services (Technology IMS). The company is listed on Bombay Stock Exchange and National Stock Exchange.
Mumbai based IT-enabled services provider Axon Infotech Ltd plans to buy 51 per cent stake in Bangalore-based Quasar Innovations Pvt. Ltd for an undisclosed sum reports The Hindu Business Line. The payment for the stake buyout will be completed by 6 November, the company said in a statement.
Quasar provides original equipment manufacturers and network operators with device-engineering services. Quasar sees topline for the year 2007-08 at Rs 25 crore, against Rs 10.77 crore last year. Axon Infotech shares gained 2.3 per cent on Tuesday to close at Rs 659.55 on the Bombay Stock Exchange.
EDB, a Nordic stock exchange listed IT company, will acquire a 50.1 per cent stake in Bangalore based IT company, SPAN Infotech India Pvt Ltd. The financial details are undisclosed. EDB is one of the largest IT groups in the Nordic countries, with over 4,600 employees and revenues of over $1 billion.
SPAN Infotech is a CMM level 4 company and employs about 550 professionals working from 3 office locations in Bangalore, India, and is principally working in the areas of applications development and applications management. This acquisition represents one of the largest-ever investments by a Norwegian IT company in Asia. The deal will be completed by the end of the fourth quarter of 2007. The current management of SPAN Infotech will continue to run the company following the acquisition.