Paradyne Infotech, an Indian IT services company specializing in infrastructure management and services is in the advanced stages of acquiring a US-based software services company with a turnover of around $10 million for the FY 2005-06. The company has approximately 20-25 customers and one of them is retail giant Wal-Mart. The deal is expected to be finalized by January-end. Funds for the acquisition will be raised through internal accruals and debt.
Paradyne has a turnover of around Rs. 87.70 crores, and is already in talks for acquiring a few other Indian companies in the product development space. Its clients includes JM Morgan Stanley, SIDBI, Bank of India, Corporation Bank, Punjab National Bank, NABARD, Bank of Baroda, Rochem Separations Systems, Globus Stores, ONGC, UTV, Outlook Publishing, Indian Navy, Geometric Software, KPIT Cummins and Syntel.
With an employee-strength of 300 in India, Paradyne also has a US presence through its wholly-owned subsidiary Dyne Techservices.
Read the article in Business Standard.
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