Delhi: Bangalore based IT company, SPAN Infotech India Pvt. Ltd has announced that it has reached an agreement with EDB, which will acquire a 50.1% stake of the company. EDB is, one of the largest IT groups in the Nordic countries, with over 40 years’ experience of serving leading Nordic businesses and over 4,600 employees with revenues of over $1 billion (Rs3,925 crore). EDB delivers solutions that cover the entire range of business critical IT services.
SPAN Infotech employs about 550 professionals working from 3 office locations in Bangalore, India, and is principally working in the areas of applications development and applications management.
This acquisition represents one of the largest-ever investments by a Norwegian IT company in Asia. It is expected that the transaction will be implemented towards the end of the fourth quarter of 2007. The current management of SPAN Infotech will continue to run the company following the acquisition.
“The acquisition is an important step in our commitment to build a long-term global sourcing strategy for EDB. Through this transaction, we will materially increase both our delivery capacity and competitiveness, and the new Indian unit, together with our Ukrainian operations, will help to ensure EDB’s strength for many years to come”, comments Endre Rangnes, CEO of EDB business partner.
Pradeep Grama, managing director, SPAN Infotech said, “In EDB, not only did we find a match in the value and philosophy but also synergies to expand in both the European and US markets. This relationship enables SPAN Infotech to be a true global solutions provider. It also provides EDB a significant footprint in India for quality software delivery and in meeting its demands of large projects.”
“With this SPAN Infotech enters an era of large projects. It also bolsters news areas and practices that increase the opportunity for the employees to work on exciting technologies.” added Pramod Grama, SVP, SPAN Infotech.