Bangalore, 22 January 2004
MphasiS Group, a leading provider of system integration technology and BPO services for customer-focused corporations, today announced its plan to acquire Mumbai based Onida Infotech Services, a division of MIRC Electronics Limited, for an amount of Rs 3 crores in an all cash deal.
Onida Infotech Services, with annual revenues of nearly Rs 4 crores, operates in the areas of SAP implementation, maintenance and support activities and has an employee strength of nearly 80. The division was formed in 2000 as a wholly owned subsidiary of MIRC Electronics. This subsidiary was later merged with MIRC Electronics Limited.
Onida Infotech's customers include leading multinationals in India and overseas.
Commenting on the acquisition, Mr. Jerry Rao, Chairman and CEO said, "We are excited about the acquisition as it reaffirms our stated strategy of acquiring and partnering with niche players for competitive advantage. This acquisition provides a fillip to our ERP implementation practice and strengthens our service offerings.”