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Info-drive acquires US firm Co Picks Up 51% Stake In San Jose-Based Technoprism

CHENNAI-based Infodrive Software on Monday announced the acquisition of Technoprism, a leading software solution firm based in San Jose, California.

Info-drive, through its US subsidiary Info-drive Software, picked up a 51% stake in Technoprism which has been executing turnkey software projects and IP-led business application development for some of the technology giants in the Silicon Valley over the past nine years of its operation.

The enterprise value of the company is $10 million and the purchase consideration for the 51% stake would be $5.1 million. It will be an allcash deal with milestone targets till 2009 by which time the purchase consideration will get paid, Info-drive said.

The firm is said to have deep domain expertise in full life cycle product development using varied platforms and databases including Java, Oracle and variety of middleware tools. Technoprism is expected to achieve revenues of $5 million for the year ending December 31, 2008 and targeting to achieve $15 million for 2009 by having an offshore presence in India.

Announcing this transaction, Info-drive Software chief mentor Arif Rahman affirmed Info-drive’s growth strategy through a selective assembly of specialized capabilities that thread across the needs of global enterprises seeking blended-shore delivery execution.

To that effect, Technoprism’s clients would immensely benefit from Infodrive’s array of services and offshore service delivery framework, he stated.

Technoprism founder Pradeep Uchil said this transaction catapults Technoprism to effectively bid for larger and complex projects, given the huge balancesheet strength, global delivery model and world-class management team that Infodrive brings to bear through this acquisition.

Info-drive COO NT Shivkumar said Technoprism’s marquee client portfolio and robust prospect pipeline make it a compelling growth platform for realising Infodrive’s aggressive business plan in North America.

Courtesy: Times Of India

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