Chennai-based IT firm has acquired US-based business intelligence and information management company Electronic Data Professionals Inc (EDP) for an undisclosed amount. The acquisition has been done through the Indian firm’s wholly owned US subsidiary Saksoft Inc.
Post-acquisition, EDP will operate as a separate company in the US, and will become a direct subsidiary of Saksoft Inc (US) and a step-down subsidiary of Saksoft Ltd, India.
“We have been impressed with the strength of EDP in the information management area and we believe this acquisition is a good fit for our US growth,” said Aditya Krishna, CEO of Saksoft. “Saksoft is investing in sales, marketing and delivery capabilities for the US market, and EDP will be an additional channel for client acquisition and account management,” he added.
Shares of Saksoft were trading at Rs 48.315 a unit on the BSE at 12.32 pm, up 6.03 per cent in a strong Mumbai market.
Located in Pennsylvania, EDP provides services such as staffing solutions and technology training. The company has been operational for seven years and has grown consistently over the past few years. Its key customers include McDonald’s, Credit Suisse, Bank of America, JPMorgan Chase, MasterCard, Morgan Stanley, New York Life Insurance and Bank of Montreal, among others.
Founded in 1994, Saksoft offers technology solutions in areas like information management, web development and business application testing, and caters to financial services, telecom and public sector markets. It also has offices in the UK, the US, Germany and Singapore.
In July 2011, Saksoft acquired Pune-based Synetairos Technologies Ltd from Kale Consultants Ltd for an undisclosed sum. It also acquired UK-based Acuma Solutions Ltd in October 2006, for $17 million. In March 2005, the company raised Rs 75 crore through an initial public offering (IPO) by issuing 2,500,000 shares.
Most recently, in the same space, US-based data and analytics consulting company Saxon Global Inc acquired Bangalore-based Ideas Software and Consulting Pvt Ltd (ISAC Global), a boutique big data and web intelligence solutions firm, for an undisclosed amount.
(Edited by Sanghamitra Mandal)