The Hindu Business Line : Corpus buys Itellix Software for $2.5 m

The company is looking at getting into the knowledge services space to provide solutions in the data analytics, credit analytics and equity research.

Bangalore , March 16

Corpus Inc, an US-based IT services provider, has acquired the Bangalore-based Itellix Software Solutions Pvt Ltd in a $2.5 million stock plus cash deal to augment its capabilities in the financial services domain.

"The Itellix acquisition would enhance our capabilities in the capital markets and intellectual property related custom solutions," said Mr Sachin Tummala, CEO of Corpus Inc.

The Itellix acquisition would bring in about 15 domain specialists in banking and capital markets and a customer base including that of Barclays, Standard Chartered and Dresdner for Corpus.

Itellix had annual revenues of $750,000.

Post-acquisition, Mr Anil Ahuja, CEO of Itellix, would lead the combined development teams of Itellix and Corpus in Bangalore.

Growth target

Corpus, which focuses on providing IT services in the banking, financial services and telecommunications industries, clocked revenues of $54 million in 2005. Corpus is eyeing a 30 per cent growth in its revenues for 2006 and is targeting $70 million for the year.

The company has an employee base of close to 600 and its client list includes companies such as Verizon, Cingular Wireless, JP Morgan Chase, Wachovia, Morgan Stanley, Bear sterns, AT&T, Disney and Deutsche Bank among others.

IPO on cards

Mr Tummala said the banking, financial services and insurance space was the fastest growing segment for Corpus and that the company was looking at getting into the knowledge services space to provide solutions in the data analytics, credit analytics and equity research.

"We are also exploring various options including that of tapping the public market for infusing funds to drive our new initiatives," he added.

Avendus Advisors were the investment bankers for the transaction.

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