Delhi-based Dion Global Solutions, a software solutions provider for financial markets, has acquired a controlling stake in German firm Swissrisk Financial Systems, a software specialist that will help Dion diversify its product suite and markets. The financial details of the transaction were not disclosed.
Dion Global, earlier called Religare Technova, is owned by billionaire brothers Malvinder and Shivinder Singh. While has been a low key firm compared to the group’s main companies, Religare Enterprises and Fortis Healthcare, Dion has also been aggressively expanding through the inorganic route.
The latest transaction is its fourth acquisition in the last 24 months.
Dion’s other deals include C2L Biz Solutions, which provides technology solutions focused on the insurance industry; healthcare IT solutions business of Bangalore’s Sobha group and wealth management and stock broking software specialist Investmaster.
Dion shares price last traded at Rs 31, which gives it a market capitalisation of Rs 136 crore.
“Swissrisk’s strength in continental Europe provides Dion with a platform for growth with presence and strong client base in Germany, Luxembourg, Spain and Switzerland. Through Dion’s global network, Swissrisk will be able to expand its offering to new geographies and offer its clients a wider, deeper range of solutions,” said Dion in a press release.
The company undertook a demerger of the healthcare IT solutions business and renamed the company Dion in 2011.
Dion reported consolidated sales of Rs 128.65 crore with a net loss of Rs 15.2 crore in FY11.