MphasiS to buy out SAP division of MIRC Electronics
Bangalore, January 23, 2004
| MphasiS Group has announced that it plans 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, with an annual revenues of Rs 4 crores, operates in the areas of SAP implementation, maintenance and support activities and has an employee strength of nearly 80. Commenting on the acquisition, Jerry Rao, chairman and CEO of MphasiS said: �We are excited about the acquisition as it reaffirms our stated strategy of acquiring and partnering with niche players for competitive advantage. This buy provides a fillip to our ERP implementation practice and strengthens our service offerings.� Said Ravi Ramu, CFO, MphasiS: �With this acquisition we are foraying into SAP implementation practice. We see tremendous value in this acquisition and will get a headstart into this segment. It is difficult to get experience SAP professionals in the current market, but with this acquisition we are acquiring the talent also.� `The MphasiS group is a provider of software and system integration technology and BPO services. It has 6,500+ employees and 9 development centres worldwide. |