Mergers News: 30/7/09

HEXAWARE OPEN TO ACQUISITIONS IN REMOTE INFRA MGMT, BPO SPACES
Mumbai
 Financial Chronicle  

IT major, Hexaware Technologies, is open to inorganic expansion and would consider any good buy in the remote infrastructure management and BPO spaces, a top company official said.

"We are open to good acquisitions, especially in the remote infrastructure management and BPO spaces. We will look at those companies which we can integrate well with our work culture," Hexaware's Founder and Executive Chairman, Atul Nishar, said.

With USD 79.5-million cash in hand, funding will not pose a problem, Nishar said, adding that the company was interested in companies in North America and Western Europe.

However, no acquisition was on the immediate horizon, he said.

With its Q2 FY 09 revenue at Rs 2,591-crore exceeding its quarterly guidance and PAT vaulting 128.4 percent at Rs 39-crore, the company was optimistic about its growth in the last two quarters of FY 09 as well as 2010, he said.

Mergers News: 28/7/09

HCL INKS PACT WITH CHINESE EBAOTECH CORPORATION
New Delhi
The Economic Times  Financial Chronicle The Financial Express  DNA (Mumbai edition)  

IT services provider HCL Technologies has entered into a strategic alliance with the China-based eBaoTech Corporation, a provider of software and services for life and general insurance industry.

Under the agreement, HCL would work with eBaoTech to identify fitment of eBaoTech's products in select geographies, HCL said in a statement today.

Moreover, the companies together expect to help insurance carriers and intermediaries adopt IT solutions that would allow them to gain better process efficiencies in a cost effective manner, it added.

"We look forward to working with HCL to create significant and tangible value for insurance industry to become much faster, better, most cost efficient, and more scalable," eBaoTech CEO Woody Mo said.

Premkumar S, Corporate Officer, (Global Business Sponsor - Financial Services) HCL Technologies, said, "We are very excited about our partnership with eBaoTech as part of our product partnerships portfolio and see a lot of potential across major focus markets. As one of the leading end-to-end specialist insurance solution providers in the industry, HCL is equipped to fulfill the industry requirements by combining with eBaoTech's insurance system software capabilities."

2ERGO BUYS INDIAN MOBILE MARKETING CO
Mumbai
The Economic Times

Aim-listed 2ergo, a global provider of mobile marketing, mCRM and media solutions, has entered the Indian market with the acquisition of Activemedia Technologies (AMT), one of India’s top mobile marketing and value-added service providers.

The UK-headquartered AMT is a global provider of mobile ticketing and couponing services, which include the longest-running m-promo in the world, “Orange Wednesdays”, the cinema-ticket promotion for mobile operator Orange that made Wednesdays the most popular cinema going week in the UK. The campaign ran in India as “Hutch Tuesdays”.

Chris Brassington, group MD, 2ergo, said: “The Indian mobile market holds vast potential for us with 10 percent of users choosing internet-enabled mobile phones in a technology leap that forgoes computers in favour of straight to mobile data.” In India, AMT serves mobile operators, including Airtel, Vodafone, Idea, Reliance and Tata. Blue-chip clients include British Airways, P&G, ABN Amro, ING, Hyundai and Western Union.

Raj Singh, ED of AMT, added: “The combined offering will be very compelling for retailers, mobile network operators, FMCG, entertainment and media companies.” AMT has also appointed Ramesh Krishnan, a veteran of AT&T, Lucent, Avaya and VeriSign, as COO.

WEB SPIDERS PICKS 51% STAKE IN NETWINGS INFO
Kolkata
Business Standard

Web Spiders (India) Pvt Ltd, a Kolkata-based software consulting firm, has acquired 51 percent stake in Netwings Infotech Pvt Ltd (NIPL), which is engaged in delivering fibre optic networking and GIS solutions.

The development marks the company’s entry into systems integration, which was earlier only into manufacturing and software development. Another company, Supreme & Co Pvt Ltd, manufacturer of fibre optic, telecom and power equipment, has a 50 percent shareholding in Web Spiders.

Siddharth Jhunjhunwala, CEO, Web Spiders, explained, “With this acquisition, we have created a synergistic end-to-end platform from manufacturing to software and systems integration for our customers”. He, however, declined to give the value of the 51 percent stake. Jhunjhunwala added that the Rs250 crore Group is now bullish on the engineering, procurement and construction (EPC) contracts in the power sector, together with e-Governance and large activity projects in Geographic Information System (GIS) and weather services and fibre optic backbone for industrial automation.

Netwings, for example, has already worked with Reliance Big FM's Mumbai station for weather updates and forecasts, D Mallick, CEO of the company informed. The group targets to grow by 45-50 percent in terms of revenue this fiscal. The Group is also looking at overseas acquisitions in areas of web-based software development and has set aside around $ 5 million for the same.

INTELLIGROUP EYES BUYOUTS IN US, INDIA FOR $18MILLION
K Rajani Kanth, Chennai/ Hyderabad
Business Standard

US-based Intelligroup Inc, a provider of strategic IT consulting, application management, support and implementation services with its global delivery centres in Hyderabad and Bangalore, is pursuing acquisitions in the US and India, which have the right set of competencies in the business intelligence (BI), infrastructure management and testing space. “We are in talks with a couple of companies in the US and India – the markets where is are strong in – which would complement our enterprise resource planning (ERP) offerings. As on March 31, 2009, we have cash and cash equivalents to the tune of $18 million (approximately Rs 88.2 crore), which we intend to utilise to fund the buyouts,” Intelligroup’s president and chief executive officer, Vikram Gulati said, while declining to draw any time line for closing the deals.

Intelligroup had, in 2007, acquired IGS Novasoft, a UK-based company, which had a good SAP implementation methodology, for $3 million (Rs 14.7 crore).

Stating that the company would stay focused on life sciences, consumer products, discrete manufacturing, process manufacturing and insurance verticals, Gulati said they were also looking at tapping the renewable energy space. “The US government’s plans to earmark a $15-billion spend every year for renewables hold maximum promise for us. We are still awaiting that money to start trickling down,” he added.

Intelligroup currently has six US clients in the renewable energy space – including Ausra, which develops and deploys utility-scale solar technologies to serve global electricity, SumPower that manufactures high-efficiency solar power solutions for residential, commercial and power plant applications, and solar technology company Miasole – together contributing about 5 percent to its overall revenues

The US market, Gulati said, at present contributes 75 percent, while Europe and India account for 10 percent and 5 percent respectively and the rest flowing in from other geographies like Japan. “We clearly want to derisk the US. Europe will grow faster this year,” he added.

Intelligroup, which follows a January-to-December financial year, reported a 19.7 percent decrease in its revenues to $30.9 million (around Rs 151.41crore) for the first quarter of 2009, as compared to $38.5 million (Rs 188.65 crore) in Q1 of 2008. “Though it is clear that the full year 2009 will be a challenging period with revenue levels below those in 2008, we are on track to improve our operational efficiency and reduce costs to best manage our margins,” Gulati said.

 

Acquisition News : 24/7/09

SAP TO ACQUIRE SWISS CO SAF FOR $100 MILLION
New Delhi 
  The Tribune  The Hindu Business Line

Global IT firm SAP today said it was looking to acquire Switzerland-based software developer SAF AG for around $100 million.

“We are in the process of acquiring SAF AG. We are in talks and have gone for public bidding. The size of the acquisition is around $100 million,” SAP Indian Subcontinent Managing Director Ranjan Das said here on the sidelines of an event. Das, however, declined to give further details and the time-frame by which the acquisition would take place.

SAF is a Swiss forecasting and replenishment software developer in the field of retail and wholesale industries. The company today launched a software, SAP BusinessObject Explorer, here and said the Indian retail sector had a lot of potential considering its size and opportunities.

“Now the retail sector has extended beyond the traditional stores. It is more organised and companies are coming forward for a better way of management and supply chain organisation. This is where our solutions can help,” SAP Asia Pacific Japan vice-president (Service Industries, Industries and Solutions Group) Sandeep Shirodkar said.

Talking about its new product, the company said the new software would help them go beyond just being a Business Intelligence provider. The software will also help organisations take decisions at the managerial level as well.

Mergers News: 23/7/09

METRICSTREAM ANNOUNCES PARTNERSHIP WITH SIGMAQUEST
Bangalore
Business Standard

Bangalore-based MetricStream has inked a pact with SigmaQuest, for delivery of end-to-end product quality management and compliance solutions.

Announcing the partnership here today, Nader Fathi, CEO of SigmaQuest in a statement said "military and aerospace, electronic manufacturers and FDS-regulated industries, that utilise both companies' software solutions, can get instant feedback on quality throughout their products' lifecycles with this alliance".

SigmaQuest, the on-demand leader in scalable solutions for product quality management, helps brand owners and manufacturers worldwide build top quality, electronics-based products for medical device, telecom, military & aerospace, consumer electronics and other industries.

MetricStream is a global governance, risk, compliance and quality management solutions provider.

 

IDEACTS JOINS HANDS WITH GOOGLE
Mumbai
The Hindu Business Line

Ideacts Innovations has joined hands with Google to improve the Web search experience for its cybercafé users.

Ideacts uses its proprietary software 'CLINCK' to advertise user-targeted material to cybercafé users across India, the company said in a press statement.

Rudrajeet Desai, Co-Founder and CEO, Ideacts Innovations, said "Together with Google, we are working on making search more accessible to give our cybercafé users a better experience."

The company was founded in March 2007 and has received early stage investments from Sequoia Capital and SVB Financial Group.

M&A News: 21/7/09

 

M&A DEALS DIP 54 PERCENT IN FIRST HALF OF ’09
Sangeetha G, Chennai
Financial Chronicle  Mint  

During the first half of 2009, Indian companies were involved in a total of 136 merger and acquisition deals, down 54 percent from the same period in 2008, according to a recent study by a research firm.

In addition, the deal activity was down by 28 percent compared to the second half of 2008, according to Venture Intelligence, a research service focused on Private Equity and M&A transaction activity in India.

The average deal value during H1 2009 was $98 million, down from the average deal value of $162 million in H1 2008. During the half-year period 55 deals had announced transaction values.

In the largest deal during the period, ONGC Videsh acquired UK-listed Imperial Energy for $1.9 billion. This was followed by Tech Mahindra’s $576 million bid for Satyam Computers and Sesa Goa’s $350 million acquisition of Dempo Mining Corporation.

Over 50 percent of the deals in H1 2009 were domestic acquisitions, as against only 40 percent in H1 2008. The most preferred destination for Indian acquirers was the US with seven of the 31 outbound targets in H1 2009 located in that country, followed by the UK with three deals.

The IT & ITES and Manufacturing industries accounted for the most number of acquisitions during H1 2009 with an 18 percent share each. The activity in the IT and ITES industry however fell from 27 percent during the same period last year. The share of manufacturing deals fell marginally from 20 percent.

AVAYA TO BUY NORTEL’S ENTERPRISE SEGMENT
New Delhi
The Hindu Business Line  The Economic Times (Bangalore edition)  

Avaya in India will benefit from the global move by Avaya Inc to acquire Nortel Networks Corporation’s enterprise solutions business for $475 million.

The global deal was announced late on Monday from Toronto as part of Nortel’s plans to hive off its various businesses globally.

While Avaya is already the market leader in the enterprise communications segment, the acquisition of Nortel’s business solutions will give it more teeth in India. Nortel India has provided total call centre solutions and data networking equipment to a broad range of Indian enterprise customers across multiple vertical markets and diverse geographical areas.

In the call centre and BPO market, Nortel has more than 16,000 agent positions deployed for companies such as Bharti Airtel, Tata Consultancy Services, Hinduja Technology Media Telecom, iSeva, Office Tiger and ICICI OneSource among others. Nortel has contracts with four airports undertaking modernisation activities and also has a deal with TCS for the passport project.

Nortel also has traction in the data networking space with clients such as Centre for Artificial Intelligence and Robotics, Indian Institute of Science, Sungard Automated Securities, Apollo Health Street, Logica and Cognizant Technology Solutions. All these clients could now move to Avaya’s portfolio.

Commenting on the announcement, the Nortel President and Chief Executive Officer, Mike Zafirovski, said: “We continue to be fully focused on running our operations and continuing to serve our customers while actively engaged in the sale of our businesses. We have determined that the sale of our businesses maximises value while preserving innovation platforms, customer relationships and jobs to the greatest extent possible.”

 

M&A Updates: 16/7/09

INBOUND M&A RISES 45 PERCENT
New Delhi
The Economic Times (Delhi edition)

Inbound merger and acquisition activities in India grew by over 45 percent in April-June quarter this year, with IT/ITeS, Banking, Financial Services and Insurance and telecom sectors witnessing maximum action, an industry study said. The quarter saw M&A worth $7,907.11 million against $5,439.23 million in the same period last year "The IT/ITeS sector has continued to attract foreign companies for M&A despite the Satyam non-governance issue and the global economic slowdown," Assocham study said. M&A activities in the sector increased to $8,046.24 million in June quarter of FY'10, from $219.35 million in the previous quarter last fiscal. In value terms, however, the overall M&A deals declined by 12.76 percent to $9,484.91 million.

 

SIFY TECH SIGNS UP WITH CISCO TO LAUNCH MANAGED SERVICES IN INDIA
Mumbai
Business Standard  The Financial Express  

Sify Technologies, a leader in consumer Internet and enterprise services in India with global delivery capabilities, announced today the launch of Managed Multi Protocol Label Switching (MPLS) (a high performance telecommunications network) and Managed Internet Service as part of the Cisco Managed Services Channel Program (MSCP).

This service is the first of a series of Managed Services that Sify Technologies plans to launch over the next two years.

The Managed MPLS Service will provide world-class solutions with end-to-end service assurance to enterprises for their business critical networks. The services are a part of Sify's strategy to migrate from Time Division Multiplexing to Internet Prootcol based network services and introduce a full suite of Managed Services for Indian enterprises.

"Our aim is to move beyond network management to offer and provide converged application services on business critical networks as an end to end managed services provider for Indian enterprises.

The Cisco Tier 1 certification is a step in that direction, for it reinforces our world class MPLS network and service offerings capabilities to our customers," said PJ Nath, executive president, Enterprise Services, Sify Technologies.

Over the next two years, Sify will start offering a wide range of managed IP based services in a phased manner. These services will enable enterprises to outsource some of their most important IP communication services with complete investment protection and scalability.

 

3I INFOTECH BUYS OUT STAKE IN CHINA JV
Mumbai 
  The Hindu Business Line  DNA (Mumbai edition)  The Times of India (Bangalore edition)  Financial Chronicle  

Mumbai-based mid-cap IT firm 3i Infotech will buy the entire 49 percent stake of Elegon Infotech from Yucheng Technologies, its joint venture partner in China. Elegon Infotech will then become a wholly owned subsidiary of 3i Infotech.

3i Infotech had announced the formation of the JV earlier this year, which marked its foray into the Chinese market. The company had entered into a MoU with Yucheng Technologies for establishing a 51:49 JV.

“Yucheng wanted to concentrate on their core business. So, we have bought the 49 percent stake of the company. But they will continue to be our partners in China. Besides, some of the senior executives will continue to be with us,” said Amar Chintopanth, ED and CFO, 3i Infotech.

For 3i Infotech, its China operations are at a nascent stage, with about 80 people. “We have invested about $4-4.5 million (around Rs 195-210 crore) in the region. In the product business, we have been able to get a couple of small deals in the China market and we have a target to breakeven in this region by the end of this financial year,” added Chintopanth.

Weidong Hong, CEO, Yucheng Technologies, said: “Yucheng has been overextended and unable to allocate the resources necessary to promote each of our growth initiatives. By refocusing on our core competency in software & solutionn for the banking industry, we have a clear mandate from which to drive our business and financial growth.”

A Nasscom-McKinsey report ‘Perspective 2020’, said BRIC countries will open up additional opportunity of $380-420 billion by 2020. Almost 50 percent of this market will come from China.

 

VAYANA ACQUIRES SOLUTIONNET
Chennai
The Hindu Business Line

Vayana, a Chennai-based start up, has acquired SolutionNET, also a city-based company, which has over 25 banks as customers, for an undisclosed sum. Vayana, which started operations in January, has a team of experts from banking and financial services (BFS) industry and received funding from the HDFC Group, while SolutionNET has products and customers in the BFS sector, said H. Srikrishnan, Co-Founder and Director, Vayana.

“We will not be able to reveal any number s. I can only say that SolutionNET was a cash positive company when we acquired it in May. The integration is now over,” he added.

While Vayana will be the new brand of the merged entity, SolutionNET will be for product and service for BFS.

SolutionNET has around 120 employees and provides services to customers such as HDFC Bank, Corporation Bank, Shamil Bank and Sharjah Islamic Bank. The Al Omania Bank runs its entire business on SolutionNET’s loan management system. The integrated team will create a business-to-business network of financial services that can be accessed by users through mobile phones and the Internet, he told newspersons

Mergers Updates: 15/7/09

PEROT PIPS WIPRO, TCS IN RACE FOR BEARINGPOINT UNIT
MV Ramsurya & N Shivapriya, Mumbai
The Economic Times

The world may have seen a slowdown in cross-border M&A deals due to the recession, but the software sector is witnessing a frenetic pace of consolidation globally.

In a closely-fought bid that was kept under wraps, two large Indian companies — Wipro and Tata Consultancy Services — made independent efforts to acquire the European business of software major BearingPoint, but only to be pipped by the US-based Perot Systems which emerged as a front-runner.

BearingPoint Europe is currently valued at more than $700 million — about Rs 3,360 crore at current exchange rates — and would have been one of the largest out-bound acquisitions by the Indian software industry, in more than a year.

The move follows the completion of the acquisition of BearingPoint’s North American, Japanese, Chinese and Indian businesses by PricewaterhouseCoopers, as the consulting firm wanted to have a strong presence in emerging markets.

Both Wipro and TCS have denied any such move to acquire BearingPoint. However according to people close to the development and bankers involved in the exercise, the two Indian technology giants had been keen till the second stage of the acquisition process and had also accessed BearingPoint’s data room before opting out of the race due to valuation issues.

The 100-year-old BearingPoint is one of the world’s largest management and technology consultants, which was spun off as a separate firm from KPMG in 1999, but slipped into bankruptcy two years ago. Large consulting businesses have already bid and won parts of the large organisation that has a strong presence in not just the developed world, but also in emerging markets.

The European business has been a prime target for established Indian software firms. Indian service providers, which still get a majority of their revenues from the US, have been intensifying efforts to expand their client base in regions, including continental Europe.

“As usual, we do not comment on market speculation,” a TCS spokesperson said in response to an ET query. A Wipro spokesperson said: “We will be unable to comment on market speculation.” TCS recently acquired the India-based BPO arm of Citigroup, Citigroup Global Services, for $512 million — about Rs 2,457 crore. BearingPoint provides management and technology consulting services. Even as recently as December, it was reported to have won a $250-million — about Rs 1,200 crore — contract, despite being wobbled by financial woes.

Both Wipro and TCS have been far more aggressive than the other software major, Infosys. When queried about its interest in BearingPoint, a Wipro spokesperson said: “We will be unable to comment on market speculation.” Wipro's largest acquisition to date has been that of the US-based Infocrossing for $600 million — about Rs 2,880 crore today.

“My reading is that the acquisition may have been too large for the Indian players to swallow. They were interested, but only in parts of BearingPoint's Europe businesses and not the whole firm,” said one banker on why TCS and Wipro could have dropped out.

While PricewaterhouseCoopers completed its part acquisition of BearingPoint in June, in May, another consulting firm, Deloitte took over the public services business of BearingPoint for about $350 million.

9.9 MEDIAWORX ACQUIRES IGOVERNMENT.IN
New Delhi
The Financial Express

iGovernment.in, India’s first government-focused comprehensive online portal has announced its strategic acquisition by 9.9 Mediaworx.

iGovernment.in is India's first interactive web platform and info-portal for knowledge sharing by all stakeholders that takes an integrated approach towards good governance.

Set up by New Delhi-based technology journalists, Shubhendu Parth and Pravin Prashant, the portal was incubated by Goosefish Media Ventures (a subsidiary of WebChutney) in March 2008.

“The acquisition of iGovernment adds significant value to our diverse portfolio,” says Pramath Raj Sinha, Managing Director and co-founder of 9.9 Media.

“The team has created a very successful business of generating relevant content for dissemination through interactive digital publishing which complements our expertise in shaping the new-media industry. There was a natural partnership brewing here, and we are thrilled to take a step in the right direction,” adds Sinha.

With this acquisition, 9.9 Media has also acquired the important domain expertise in Shubhendu Parth and Pravin Prashant—founders of iGovernment.in, who will be responsible for developing products in the government sector community, as well as new publications in other verticals.

SOFTWARE AG
The Times of India (Bangalore edition)

Software AG, Germany’s second-largest software maker, offered to buy technology-services company IDS Scheer AG for 477 million ($667.3 million), the biggest acquisition in its 40-year history.

 

Mergers News: 14/7/09

NEST TIES UP WITH NVIDIA
Thiruvananthapuram
The Economic Times

Network Systems and Technologies (NeST) based at the Technopark here has tied up with visual computing initiative major Nvidia Corporation, whereby the former will provide professional services and multi-core services to their joint customers worldwide. Officials said NeST would also establish a centre of excellence with products from Nvidia to develop solutions for their customers.

NeST managing director N Jehangir said the partnership would help his company provide high performance computing solutions to customers. NeST Software president S Sasi Kumar said the computing team at NeST had used Nvidia tools to extract exceptional performance to meet demanding requirements of applications like medical imaging, industrial inspection, modeling and simulations.

Nvidia sales director for Middle East, Africa and India, Daniel Saison said the CUDA centre of excellence was the latest sign that GPU computing had established itself as a key technology for the future of high performance computing.

NeST, which offers customized software and hardware development services for engineering applications and product development services for customers worldwide, has operations in North America, Middle East, Europe, Asia and Australia.

 

Mergers News: 13/7/09

LPU, CADENCE SET UP REGION’S FIRST VLSI LAB
Jalandhar, July 13, 2009
Hindustan Times (Chandigarh edition)

Lovely Professional University (LPU) and US software major Cadence have collaborated to set up the region’s first very large scale integration (VLSI) laboratory here to provide industry-grade electronics design and automation (EDA) tools in chip designing for budding engineers

LPU Chancellor Ashok Mittal said that the lab, set up at a cost of Rs 16 lakh, would help create integrated circuits by combining thousands of transistor-based circuits into a single chip

“The university has decided to introduce VLSI as subject in the second and third year of electronics and communication engineering, computer science and engineering and information technology disciplines from the coming academic session

We aim to train nearly 1,000 students and faculty members per year at the newly set-up lab,” Mittal said

He said the lab would pro- vide low-cost solutions for technical problems of the region’s industry

“The academia-industry link- age will help budding engineers here concentrate on industry specific problems for low cost solutions, giving much-needed impetus to research and development,” he said, adding no institution barring a few IITs and a handful of institutes of higher learning across India possessed such a lab

The US software major would provide regular technical upgrades to assist students undertake their projects

“This will ensure career success in the sunrise field of graphic design and also help bridge the gap between academic curriculum and industry readiness,” Mittal added

Mergers News: 9/7/09

MPHASIS PARTNERS UK FIRM FOR AUTOMATION TECHNOLOGY
New Delhi
The Economic Times  The Times of India  

IT services firm MphasiS on Wednesday said it has partnered with UK-based software vendor Singularity for using the latter's technology for automation of business processes for its clients.

Under the agreement, MphasiS will use Singularity's business process management (BPM) technology to automate processes for clients across sectors like financial services, manufacturing, healthcare, communications, transportation, consumer and retail and energy, MphasiS said in a statement.

BPM technology eliminates unnecessary steps and reduces manual inputs in a process, increasing the number of activities that can be carried out in parallel, which results in reduced costs and management overhead as well as increased throughput capacity.

"This alliance in particular reflects our long-term focus on driving new levels of efficiency in knowledge intensive sectors such as banking, energy and health-care," Singularity Chief Executive Officer Padraig Canavan said.

Mergers & Alliances: 2/7/09

ZYLOG LOOKS TO THE US, EUROPE FOR ACQUISITIONS
Mithun Roy, Chennai
The Economic Times

Zylog Systems is believed to be in talks with three companies in the US and Europe for acquisitions. According to people familiar with the development, the deal is in the range of $20-40 million and likely to be concluded over the next three months.

It was learnt that Zylog, which provides technology solutions to Wi-Fi businesses, had formed an mergers & acquisition team, which has identified these companies.

The company’s MD & COO, Ram Sesharathnam, confirmed that Zylog is looking at the possibility of acquiring companies, but declined to divulge further details citing non-disclosure agreements with these prospective targets. On Wednesday, Zylog shares ended 0.5 percent higher at Rs 196.10.

TRICOM IN STRATEGIC PARTNERSHIP WITH HLDL
Tushar Pawar, Mumbai/Nashik
Business Standard

Tricom Document Management, a 100 percent subsidiary of Tricom India Ltd, has entered into a strategic partnership with Hobs Legal Docs Ltd (HLDL).

Tricom Document Management is a specialist in electronic management solutions while HLDL provides reprographics and technology services to law firms and corporations in the UK, US and mainland Europe.

“This strategic partnership with HLDL will provide Tricom a platform to reach out the law firms and corporations in UK, US and mainland Europe, particularly with regard to the outsourcing of document reviews which can represent 90 percent of the costs in dealing with electronically stored information in an investigative or litigation context,” the company sources said.

In FY 2008-09, Tricom India recorded a 66 percent increase in turnover to Rs 85.26 crore, against Rs 51.24 crore in the previous year (FY 2007-08). Its consolidated net profit stood at Rs 14.14 crore during the period.

BSNL INKS MOU WITH NTT COM
Deccan Chronicle

India’s largest integrated telecom service provider, Bharat Sanchar Nigam Ltd. (BSNL) and NTT Communications Corporation (NTT Com), Japan has signed a memorandum of understanding (MoU) through which both organisations will jointly explore their strengths and expertise so that customised offerings and solutions can be given to their enterprise customers.

BSNL has created a separate vertical following an internal reorganisation for this enterprise. BSNL intends to provide complete end-to-end total telecom and IT solutions to enterprise customers and also bring the global best practices and products to enterprise segment customers.