Its been a while in the internal I used to hear from higher officials that ITC Infotech is going to acquire companies in India, esp on companies who have projects on Semi Conductor or embeded. All the roots have been looking for a niche player to engrave market. Yesterday I heard the news tha ITC Infotech acquired US-based Pyxis solutions. Congrats Infotechians to stepping one more step on the ladder.
The news here..
ITC Infotech, a global IT services company and fully owned subsidiary of ITC Limited, has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance (QA) solutions and testing services.
The deal has been closed at $25 million, ITC Infotech MD Sanjiv Puri told reporters here today. "It has been an all-cash deal and funded internally", he said.
Pyxis offers a full spectrum of services in software Quality Assurance ranging from user-interface testing to QA process improvements, including QA management and consulting, quantiative analysis testing and data validation testing.
Describing it as a "strategic acquisition", Suri said, Pyxis brings on board "differentiated capabilities, domain expertise in capital markets, unique testing methodology and an impressive roster of customers" which will compliment ITC Infotech's service offering and will further strenghten its presence in US, in addition to building up capabilities.
For Pyxis, the deal would bring on board the "benefits of scalability, a robust global delivery model, strong offshore base and institutional strengths of being part of a larger group", to provide better services to our customers, he said.
The synergies between the two companies is expected to create large opportunities for cross selling by leveraging existing customer relationship of both Pyxis and ITC Infotech. and help enlarging the geographic reach of services offered and create new opportunities for diversified offerings.
Pyxis would continue to work under its founders and would be a subsidiary of ITC Infotech (USA), he said adding the deal was in line with company's vision of actively seeking synergestic partnerships around key industry verticals, solution areas and focus technologies.
Thanks : PTI