Satyam Computer Services Limited (NYSE:SAY), announced today that it had entered into a definitive agreement to acquire 100% stake in Nitor Global Solutions Limited (“NITOR”) of the UK, a niche consulting firm providing Infrastructure Management Services (IMS), for up to GBP 2.76m (US$ 5.5M) in cash. The deal marks the second acquisition in Europe by the Indian software giant which recorded revenues of US$1.46 billion in the fiscal year ended 31 March 2007.
NITOR, which was founded in 2002, posted revenues of US$ 3M for year ending September 2007.
NITOR has rich expertise in end-to-end solution implementation and program/ project management in the IMS space. NITOR brings to Satyam new relationships with some of the dominant players in Banking, Pharma, and Telecom & Media industry in Europe.
Nick Sharma, Global Head of Satyam’s IMS Business said, “The acquisition of NITOR is of strategic importance to our business. With this acquisition we are confident of achieving rapid growth in our Europe IMS business. The people at NITOR are seasoned IMS professionals, held in high regard by their customer community as well as the Alliance community and known for their flawless execution of high end IMS consulting projects. We are confident that their leadership will provide the right impetus for our IMS Business growth in Europe”.
Todd Whaley, the Managing Director of NITOR said “We are delighted to become part of Satyam. Satyam today serves a very high number of Global F500 customers in Europe. We are confident that we can bring to fore our IMS consulting capabilities to delight these customers and make Satyam’s IMS Business one of the largest and most respected in Europe”.
Satyam will merge NITOR into its IMS business. Todd Whaley will lead Satyam’s IMS business in Europe following the acquisition.
About Satyam:
Satyam Computer Services Ltd. (NYSE: "SAY") is a leading global consulting and IT services company, offering a wide array of solutions customized for a range of key verticals and horizontals. As a diverse end-to-end IT solutions provider, Satyam offers a range of expertise aimed at helping customers re-engineer and re-invent their businesses to compete successfully in an ever-changing marketplace.
Nearly 42,500* dedicated and highly skilled IT professionals, work in development centers in India, the USA, the UK, the UAE, Canada, Hungary, Singapore, Malaysia, China, Japan and Australia and serve over 570* global companies, including over 165* Fortune 500 corporations.
* Figures as per quarter ended June 30, 2007
