The Hindu Business Line : Teledata Info buys 100% equity in Bitech Dubai

TELEDATA Informatics Ltd, a Chennai-based software firm, has acquired 100 per cent of equity in Bitech Dubai and 51 per cent stake in Bitech Singapore.

The acquisition cost in both would be around $4.5 million (around Rs 20 crore), said Mr K. Padmanabhan, Managing Director, Teledata.

The funding would be done through funds raised from the recently concluded GDR (global depository receipts) and also from internal accruals, he told Business Line.

The acquisition would help Teledata attract experienced employees to work abroad. The company would also use Bitech's brand to market Teledata products abroad, and establish a strong base in the Persian Gulf.

The investment pay-back period would be two years, he said.

Established in 1988, Bitech executes software projects for clients in banking and finance, insurance, retail and distribution, health care, government and utilities, telecom and networking. Bitech Singapore's clients include IBM Singapore Pte Ltd, I Force Consulting and Cap Gemini Singapore, Mr Padmanabhan said.

Bitech Dubai's clients include Standard Chartered Bank, Caltex, Mercator, Reuters and Emirates Banks, he added.

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