The Hindu Business Line : Geojit Tech buys Dubai-based co

Geojit Technologies has taken over Sigma Systems International, a Dubai-based company operating from the free trade zone in the technology sector. Geojit Technologies is a part of Geojit Financial Services Ltd.

With this acquisition, Geojit Technologies will get access to the West Asian market, a press release issued here has said. Sigma Systems International is a company with proven software capabilities in financial and shipping sectors, and has clients from Asia, Europe and West Asia.

For the financial sector, the company has Integrated Brokerage Management System (IBMS), which takes care of all back office operations integrating multiple stock exchanges, clients and branches. Integrated commodity management systems, a software for the commodity business takes care of all aspects of commodity trade including logistics. Other software include integrated depository management system, futures and options management systems, portfolio management system and wealth care management system.

Software for shipping industry include SLIM - Shipping liner integrated management system, SAMS Shipping Agency Management System and MTO-Multi Transport Operation system. Clients include various Indian and European shipping companies, the release said.

According to Mr A. Balakrishnan Managing Director of Geojit Technologies: "This acquisition will help the company establish its presence in West Asia. The company has more than 10 clients from the Dubai region. This office will act as the nodal point for operation in West Asia including Saudi Arabia, Doha and Oman."

The Geojit scrip, which has a face value of Re 1 gained by over seven per cent to close at Rs 35, up from the previous close of Rs 32.

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