Mumbai: Software firm 3i Infotech Ltd said on Monday, 15 October, it has signed an agreement to acquire US-based J&B Software Inc and its subsidiaries for $25.25 million.
J&B, which offers software services related to remittance processing, has annual revenues of $25 million, 3i Infotech said in a statement.
In 2006, J&B Software had an operating profit of $3.8 million, 3i Infotech managing director and chief executive officer V. Srinivasan told a news channel.
”The acquisition of J&B Software is a strategic move for 3i Infotech as it would enable penetration into the blue chip banking and financial services customer base in the U.S.,” the statement said.
The Indian company plans to take J&B’s payment processing services to global markets, including Asia, Srinivasan said.
It would also provide 3i with cross-selling opportunities, the statement added.