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
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