Financial Daily from THE HINDU group of publications
Thursday, Dec 23, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 23, 2004 |
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Info-Tech
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Mergers & Acquisitions Sterling Commerce to buy Yantra Corp Our Bureau
Bangalore , Dec. 22 STERLING Commerce, a subsidiary of SBC Communications, is acquiring Yantra Corporation, an outfit of Infosys Technologies, for $170 million (around Rs 750 crore) in an all-cash deal. Infosys holds a 16 per cent stake in the Tewksbury-based Yantra Corp, which specialises in order management and supply chain fulfilment applications. Yantra was founded in 1995 as a spin-off of Infosys. Yantra, since inception, has raised more than $76 million in private equity from venture capital firms, financial institutions and technology companies. Apart from Infosys, other investors include Draper International, Flagship Ventures, JP Morgan, Morgan Stanley, Broadvision, Rho Capital Partners and Charles River Ventures among others. It employs more than 250 people worldwide and focuses on retail, wholesale distribution, logistics, and manufacturing vertical industries. Sterling Commerce has said it expects to retain all Yantra employees and operate the company as a new business division, headed by Mr Devdutt Yellurkar, Yantra's current chief executive officer. Yantra's clientele are Argos, Best Buy, Circuit City, DHL, Dixons, FedEx, Motorola, Target, Texas Instruments, and Thomson.
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