The Hindu Business Line : Accel Frontline buys banking unit of Telesis Global

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Chennai, Jan. 25 Kickstarting its plan to become a complete information technology (IT) services company, Accel Frontline Ltd has acquired the banking solutions division of Chennai-based Telesis Global Solutions in a `slump sale.'

Accel provides IT infrastructure management and managed services besides enterprise software solutions while Telesis Global has expertise in developing software products for banking solutions and also works in the energy services space.

Through this acquisition, all future implementations of Telesis products would be done by Accel, said Mr N.R. Panicker, Chairman and Chief Executive Officer, Accel Frontline. This includes owning, implementing and servicing Telesis' banking products such as GBM, Net Cast and Test Bench, he said.

Accel at present has its own management information system (MIS) software for banks. "With the Telesis acquisition we will strengthen our banking services business," said Mr Panicker. He did not share the financial details of the acquisition and said the companies were still working on a settlement. However, he said the Telesis division was expected to generate revenues of Rs 12 crore for 2006-07.

The acquired Telesis division would be merged into Accel's Enterprise Systems Services business and this includes an addition of about 100 Telesis employees to Accel Frontline's 300 employees.

According to Mr Panicker, more such acquisitions are planned. "We are in talks with a few other companies in the banking services and IT infrastructure management business," he said. The company has earmarked Rs 25 crore out of its recent Rs 40-crore initial public offering for acquisitions.

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