Finnish firm to acquire Fortuna Technologies

Finnish firm to acquire Fortuna Technologies


New Delhi: Finland-based IT services provider TietoEnator Corp will acquire Hyderabad-based software services firm Fortuna Technologies Pvt Ltd for an estimated 118 crore.

The firm has signed an agreement with Fortuna Technologies and the transaction is expected to close by 17September.

Founded in 1996, Fortuna Technologies has around 300 employees and provides R&D services and develops turnkey software solutions for major European and Asian mobile device manufacturers of 3G handsets.

“Fortuna has established itself as a strategic partner to key platform vendors and manufacturers, with around 300 experts under one roof capable of delivering complete 3G software for mobile devices. Together with TietoEnator we will now have a world leading portfolio of services and software solutions," TC Ashok Founder and President of Fortuna said in the statement.

The impact on the Finnish firm’s net sales for 2008 is expected to be about Rs58 crore.

“Fortuna gives us an excellent platform for future growth in India and other parts of Asia and is a strategic addition to our global delivery model," TietoEnator President (Telecom and Media) Ari Vanhanen said.

TietoEnator’s business area telecom and media has a broad service portfolio that covers R&D services, consulting, IT system development and integration for the telecom and media industry. It currently employs over 5,700 experts in 15 countries.