The Hindu Business Line : Norwegian firm buys Proteans for $6 million

Bangalore, Aug. 10 The Oslo-based CAMO ASA, a global statistical software and IT consulting firm, has acquired Bangalore-based outsourced product development firm Proteans Software Solutions for $6 million in an all cash deal.

With this transaction, the IT services group of CAMO will be significantly reinforced with a larger business in the US and in the Europe, and a strong offshore product development (OPD) business.

“The merger strengthens CAMO’s product development outsourcing capabilities, brings renewed focus in IT services and augments offshore presence,” said Mr Ashwani Jasti, President, CAMO IT Services.

CAMO Group’s revenues for 2007 will be in excess of $21 million.

Mr Sudhakar Gorti, CEO of Proteans, said: “CAMO brings in a great reputation in Scandinavian region and opens up a great market for our OPD services. CAMO’s IT consulting business in the US will compliment Proteans offshore OPD services, which will enable us to crack multi-million dollars deals.”

Proteans has been growing at 250 per cent per annum and is expected to be over 1,000-people company by 2010.

It has 225 employees operating out of four development centres in Bangalore. It has around 30 customers spread across the US, the UK and the UAE.

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