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Thiruvananthapuram , March 14

THE Chennai-based Accel Ltd today announced the completion of its acquisition of the Thiruvananthapuram-based Transmatic Systems Ltd and its merger with Ushus Technologies Pvt Ltd, Thiruvananthapuram and two Accel group companies to form Accel Transmatic Ltd.

Announcing this at a press conference here, Mr N.R. Panicker, Chairman, Accel Ltd, said the new company has been formed by merging the two Thiruvananthapuram-based companies with two Accel group companies — Accel Software and Technologies Ltd and Zener Controls Pvt Ltd. The new entity, Accel Transmatic Ltd, will have its headquarters in Thiruvananthapuram, he added.

The new company will have three business divisionsthe systems division will focus on hardware products and solutions; the technology division will work in the embedded and application software services domain and the training division will focus on information and communication technology training programmes. Software development activities will be carried out in Thiruvananthapuram and Chennai, while hardware manufacturing will continue to be in Thiruvananthapuram.

Accel Ltd owns 46 per cent of the new company, which continues to be listed on the Bombay Stock Exchange, Mr Panicker said. The shares of Accel Transmatic Ltd are currently being issued to shareholders, he added.

The new company expects to touch a turnover of Rs 29 crore in the current financial year, Mr Panicker said. It has already bagged several contracts to develop software for some large US companies, he added.

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