Small-sized IT firm Prism Informatics is acquiring 51% stake in Saudi Arabia-based Information Management Technologies (IMT), a unit of business conglomerate Al-Suwaidi group for an undisclosed amount.
IMT provides IT solutions for broadband wireless communications, infrastructure management & maintenance, E-Commerce applications, IT security and SAP consultancy. The acquisition will boost Prism Informatics’ annual revenues of $15 million by around 50%, according to the company statement.
Prism Informatics has been on a acquisition spree of small sized companies around the world. In May this year it bought 51% stake in US-based TLC Technologies Inc, a service provider in the business intelligence space. Earlier in December last year, Prism acquired Nastek Solutions Pvt Ltd, a Mumbai-based company offering enterprise resource planning (ERP), customer relationship management (CRM) and e-commerce solutions.
Earlier, it had acquired Nexus System Resources Co Ltd, a company in Bangkok and Idhasoft Europe AG in Switzerland. It also acquired the intellectual property rights of some of the business assets of Mumbai’s Finasys Consultant Pvt Ltd.
Prism Informatics was acquired by IT consulting firm Idhasoft last year, that itself began operations in December 2006 and has a global footprint spread across Germany, Switzerland, Thailand, Sri Lanka, Bangladesh and US. Idhasoft went on to buy one of its group companies through Prism Informatics. Alok Pathak, CEO of Idhasoft also doubles up as the MD and CEO of Prism Informatics.
Al-Suwaidi is one of the top companies of Saudi Arabia and has executed large construction projects including petrochemical plants, electromechanical works, steel fabrication, etc. IMT is expected to become the base for further expansion of Prism Informatics in the Middle East.