Financial Daily from THE HINDU group of publications
Wednesday, Nov 09, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 09, 2005 |
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Info-Tech
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Mergers & Acquisitions IBM to acquire Network Solutions Our Bureau
Bangalore , Nov. 8 CLOSE on the heels of the Chairman and CEO of IBM, Mr Samuel J. Palmisano's visit to India, the company has announced a strategic acquisition. IBM India said today that it was planning to acquire Network Solutions Pvt Ltd, a Bangalore-based infrastructure services provider for an undisclosed sum. The acquisition is expected to strengthen IBM's position and expand its reach in the domestic market, especially in the infrastructure services and networking segments. IBM will make Network Solutions its wholly-owned subsidiary and the transaction is expected to close within a month, said an IBM press release. The acquisition would also help IBM enhance its service capabilities in infrastructure services for the enterprise and the mid-market business segments. The 12-year-old Network Solutions with about 1,400 people, a client base of over 400 companies and revenues upwards of Rs 200 crore in 2004-05 is one of the top infrastructure service provider in the country. Network Solutions, with presence in over 45 locations, specialises in implementation of convergence solutions for data, voice and video, security, wireless technology solutions, WAN & LAN implementations, infrastructure management, network design and implementation, structured cabling solutions, network management, including remote management services and IP telephony services. "IT infrastructure forms the backbone of development and growth of any economic activity. The acquisition of Network Solutions will enable IBM to consolidate its leadership in domestic services and leverage its capabilities in building world-class infrastructure for our clients," said Mr Shanker Annaswamy, Managing Director, IBM Global Services India, in a press release. "As a combined entity with IBM, we will be in a position to offer the clients IBM's portfolio of offerings and expertise, in addition to our solutions," Mr Sudhir Sharma, Managing Director, Network Solutions. It may be recalled that Intel, which had invested in the company, had acquired the consulting and the software groups of Network Solutions in 2000. Subsequently, Intel Capital exited Network Solutions and the company was rebuilt, Mr Sharma said.
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