Gemini acquires 51% stake in Chennai-based Veeras Infotek

Gemini acquires 51% stake in Chennai-based Veeras Infotek
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First Published: Tue, Jun 17 2008. 02 44 AM IST
Updated: Tue, Jun 17 2008. 02 44 AM IST
PTI
Mumbai : Gemini Communications, a leading player in the wireless networking and Wimax solutions space, today said that it has acquired a majority stake in Chennai-based Veeras Infotek for Rs7 crore.
Veeras Infotek is a security and availability solutions provider.
Gemini has acquired a 51% stake in the company with the funding entirely through internal accruals, a press release issued here stated.
Veeras Infotek is a strategic addition to Gemini’s network security business and the acquisition will extend its network security and business continuity capabilities.
The acquisition would also help in increasing Gemini’s client base, the release said.
“The addition of Veeras Infotek will advance Gemini’s vision of becoming a major player in network security space. Veeras Infotek’s solutions, talent and customers, complement Gemini’s business,” Gemini’s Executive Director Ram Kumar said.
Gemini was keen to retain the senior management of Veeras, Ram Kumar added.
“This is an exciting milestone for our company, and we look forward to scaling our growth as a part of Gemini,” Veeras’ CEO Sudarsan Ranganathan said.
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First Published: Tue, Jun 17 2008. 02 44 AM IST