Financial Daily from THE HINDU group of publications
Wednesday, Mar 27, 2002
Financial Daily from THE HINDU group of publications Wednesday, Mar 27, 2002 |
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Info-Tech
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Software Corporate - Mergers & Acquisitions `Acquisition to boost Keane India biz' Our Bureau
NEW DELHI, March 26 THE acquisition of SignalTree Solutions Holding by Keane Inc, a US-based software developer, would help the formers' Indian arm get more software outsourcing work, a top company official has said. Subsequent to the acquisition, SignalTree Solutions India will be known as Keane India Ltd and will be a wholly-owned subsidiary of Keane Inc. ``Keane Inc did not have any offshore facilities before the takeover of SignalTree. Now we expect lot of work to come to India,'' said Mr Parmindar S. Miglani, Managing Director of Keane India Ltd, at a press conference here. Mr Miglani said in view of the increase in the workload, the company would nearly double its workforce from the present 450 to 850 during the year. ``We have already put up 850 workstations at our two facilities — 350 in Noida and 500 in Hyderabad. I expect a 100 per cent growth in the number of people in this year,'' Mr Miglani said. Keane Inc acquired SignalTree for a consideration of $ 62 million in cash, which is about 1.2 times SignalTree's 2001 revenues. SignalTree, formerly Metamor Global Solutions and then PSINet Consulting Solutions, was created last year when its management team decided to move out of the PSINet fold. They roped in a private equity firm, Arlington Capital Partners, to fund the venture. ``Offshore component, through cost-effective technology solutions, will provide greater impetus to Keane's value proposition its customers. We are already seeing significant opportunities for offshore through Keane's powerful network of branch offices in US and UK and long-term relationships with hundreds of Global 2000 companies,'' Mr Miglani said. Keane Inco helps companies and the Government agencies to plan, build and manage application software through its business consulting, application development and integration, besides application development and management outsourcing services.
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