Financial Daily from THE HINDU group of publications
Thursday, Jan 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 22, 2004 |
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Info-Tech
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Mergers & Acquisitions Infotech buys Vargis Our Bureau
Hyderabad , Jan. 21 INFOTECH Enterprises Ltd, through its US-based subsidiary, Infotech Software Solutions Inc, has announced the acquisition of Vargis LLC, in an all-cash transaction of $2.65 million payable on acquisition and an additional $0.45 million earn-out payable at the end of the current calendar year. The Chairman and Managing Director of Infotech Enterprises, Mr B.V.R. Mohan Reddy, in a statement said that the acquisition of Vargis positioned Infotech for growth in the North American GIS markets.
Infotech GIS revenues for 12 months ended December 31, 2003 was $12 million; with Vargis' revenues of $7.2 million, the combined entity revenues would be $19 million in the GIS space.
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