General Atlantic-backed Infotech Enterprises has acquired the 26 per cent stake it didn’t own in its subsidiary Infotech Geospatial (India) Limited (IGIL), for undisclosed sum, the company disclosed in a statement to Bombay Stock Exchange today.
Infotech Enterprises had acquired 74 per cent in Geospatial Integrated Solutions around four years ago.
Hyderabad-based Infotech Geospatial is engaged in providing geospatial solutions such as enterprise-wide geographic information system and information technology solutions. It offers its services for land records; urban planning; environment; forestry and natural resources; utility infrastructure planning and management and defense.
Infotech Enterprises shares last traded at Rs 123.50, down 2.02 per cent on BSE on Thursday in a flat Mumbai market.
Besides General Atlantic, the company counts amongst its shareholders private equity firm Sequoia Capital and air conditioning Major Carrier. General Atlantic and Carrier hold about 14 each while Sequoia holds around 5 per cent stake.
Infotech Enterprises Limited, together with its subsidiaries, provides geospatial, engineering design, and information technology (IT) solutions. The company also provides product development and lifecycle support, process, network, and content engineering solutions.
The company operates in two segments, Network and Content Engineering, and Engineering, Manufacturing, Industrial Products. The company operates primarily in India, North America, and Europe.
In January 2010, the company acquired Illinois-based Daxcon Engineering Inc., a company engaged in the business of providing product design engineering services to original equipment manufacturers. In August last year it also acquired US-based a telecom engineering services provider Wellsco.
Infotech Enterprises employs over 9,000 employees and has plans to hire 1,000 employees in the second half of this fiscal ending March 2012.