Mumbai:
Kanbay International Inc, the Nasdaq listed IT services
company has acquired Accurum Inc (revenue $12 million)
another outfit focussed on the capital markets.
Interestingly,
the buyout deal is also for $12 million deal ($5 million
cash down and the balance based on performance). The $182-million
Kanbay International has over 3,700 employees. Its Indian
subsidiary has 2,800 employees working at its two centres
located in Pune and Hyderabad.
According
to Kanbay Software India P Ltd's managing director, Cyprian
D'Souza, there will not be any change in the organisational
structure of Accurum at least for next one year. "The
acquisition will enable Kanbay International offer IT
services for capital market players."
Accurum
has 180 employees and provides staffing services to its
clients to a limited extent.
Speaking
about the deal Accurum CEO Venkat Vallabhaneni said, "We
were looking for scaling up. But it takes time. Kanbay
International has the required scale."
Last
June, Vallabhaneni , outlined his vision of setting up
development centres in Mumbai and Bangalore and increasing
the headcount to 1,500 over a four year period.
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