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ITC Infotech buys Pyxis Solutions for $25 mn

ITC Infotech buys Pyxis Solutions for $25 mn
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First Published: Tue, Aug 19 2008. 04 30 PM IST
Updated: Tue, Aug 19 2008. 04 30 PM IST
ITC Infotech India Ltd, the software unit of cigarette maker ITC Ltd has acquired US-based testing solutions company Pyxis Solutions LLC for over $25 million (Rs 108 crore) in an all cash deal. New York-based Pyxis, with over 100 employees and revenue of $15-20 million, would become the subsidiary of ITC Infotech Inc, the US-based outfit of ITC Infotech.
“The acquisition enhances our capabilities in areas such as software testing, quality assurance and consulting, besides strengthening our presence in the US,” said Sanjiv Puri, managing director, ITC Infotech.
The buy-out, funded through internal accruals, will also give access to some of the banking, financial services and insurance firms such as Citibank, AIG, Deutsche Bank and Merril Lynch.
ITC Infotech earns about a third of its over Rs400 crore revenue from customers in banking and financial services sector, while it also offers services to travel, hospitality and transportation sectors. About a tenth of ITC Infotech’s 3,000 employees are in the testing domain.
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First Published: Tue, Aug 19 2008. 04 30 PM IST