Sobha Renaissance Information Technology (SRIT), a Bangalore-based software company, is acquiring Objective System Integrators (OSI), a division of the $5 bn-test and measurement company Agilent Technologies, for an undisclosed amount. OSI will provide SRIT a strong foothold in the telecom management solutions space. The acquisition will be funded by SRIT through a combination of debt and internal accruals.
OSI provides software solutions for the integration and management of communications networks and is a major player in the operations support systems in the telecom sector. OSI was acquired by Agilent for $665 mn in 2000 when its revenues were pegged at around $70 mn. As of now, revenues of OSI are around $26-30 mn. It has around 120 people with presence in India and the US. This is SRIT’s second acquisition. Earlier, it had bought Billing Components, a German telecom software company.
SRIT focuses on three verticals, namely, healthcare, telecom and enterprises and currently has around 1500 people spread across 11 countries. It has registered revenues of around Rs. 200 crores for the FY07 and is targeting around Rs. 450 crores in FY08 with Rs. 280 crores coming in the telecom vertical. Currently, it gets 30% of its revenues from healthcare and telecom segment with the remaining from enterprises.
Read The Economic Times article.
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