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Our Bureau

Bangalore , Feb. 23

NEW Jersey-based Global Consultants Inc, an IT services provider, has acquired a majority stake of close to 60 per cent in the Bangalore-based Planetasia, a Microland Group company for an undisclosed sum.

Existing investors J.P. Morgan Chase, ICICI Ventures and Microland have diluted their holdings in Planetsia, said Mr Pradeep Kar, Chairman and Managing Director, Microland. However, the existing investors including Mr Kar continue to be shareholders of the company.

GCI aims at expanding its suite of service offerings and the acquisition of a majority stake in Planetasia provides the company with enhanced offshore capabilities, said the GCI Chairman and CEO, Mr Hiten Patel.

However, the company did not have immediate plans to make Planetasia a wholly-owned subsidiary, he added.

Planetasia's current management will continue to run the company, which expects to see significant growth in business and consequent job additions due to increased business.

"We can now offer a much wider range of services including onsite and proximity capabilities, domain knowledge in specific vertical and technology enrichment. This partnership will help in providing strategic business impact, cost reduction, and quality improvement to our clients," said Mr Jawahar Bekay, CEO of Planetasia.

Established in 1991, GCI has over 1,600 employees including a small development centre in India.

Mr Patel said the synergy between the two companies would result in several combined offerings to the market and provide value to existing and prospective clients, especially those in the mid level.

Planetasia, was severely impacted by the tech meltdown few years ago. However, the company has turned profitable over the last few quarters, Mr Bekay said adding revenues for the current year were expected to be between $8-10 million.

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