Sun Infoways to acquire US technology firm for $ 4 mn

Sun Infoways to acquire US technology firm for $ 4 mn
PRESS TRUST OF INDIA

NEW DELHI, JULY 23: "We have zeroed-in on two to three companies based in US which are focusing on wireless technologies and the deal is expected to be pegged at about $ 4 million," Anil Pujari, managing director of Sun Infoways told PTI.

Pujari said that the acquisition would be finalised by August end and added that the takeover would be funded through internal accruals.

"The acquisition would allow the company to acquire additional expertise and technology in wireless space," he added.

Pujari said the company has roped in a global management consultant for reviewing and shortlisting US companies but declined to divulge the name of the consultant.

Sun Infoway which acquired Intratech Inc, a US-based company operating in the E-commerce space, in an all cash deal recently is also in the process of setting up a research and development (R&D) Centre in Noida to focus on technologies including Bluetooth, G3, and GPRS.

"Sun Infoway would be pumping in about $ 1.5 million in the development centre and the investment would be supported through internal accruals," Pujari said.

Elaborating on the recent acquisition of Intratech, Pujari said that the company would now act as marketing arm of Sun Infoway following the acquisition.

Sun Infoway, which is listed on Bombay and Ahmedabad stock exchanges recently diluted about 15 per cent stake to US-based Shecom Inc.in a $ 5 million all cash deal.

"The company divested about 15 per cent stake last month to Shecom for upgrading wireless application protocol (WAP) development and mobile commerce centres," he said.

Promoters hold about 54 per cent stake in the company, another 31 per cent is with the public with the balance having gone to Shecom following the strategic investment.

Based in Mumbai, Sun Infoway is a software development services company with facilities in Mumbai and Bangalore. The company is also engaged in re-engineering services, web and WAP migration services, web and WAP-based product develoment, data warehousing, internet security and E-commerce products and solutions.