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Our Bureau

Hyderabad, Sept. 17 Finnish technology solutions company TietoEnator today announced the acquisition of telecom R&D services company Fortuna Technologies for €21 million.

With this development, the €1.6-billion technology solutions company TietoEnator has added a centre with 300 technologists engaged in telecom R&D based in Hyderabad. This is perceived to be complementing its presence in Pune that addresses the healthcare segment.

The Vice-President of TietoEnator, Mr Bengt Moller, said Fortuna brings onto the company R&D services expertise that provides turnkey software solutions for major mobile device manufacturers of 3G handsets. This is among select group of companies in this business.

This acquisition supports TietoEnator telecom & media strategy to build competence for telecom R&D and compliments the current customer base and services portfolio.

Addressing a press conference here today, the founder-Chairman of Fortuna Technologies, Mr T.C. Ashok, said this development enables Fortuna to access a much larger global client base through TietoEnator. Fortuna’s solutions and platform approach would be able to help other vendors and manufacturers.

Formed 14 years ago, Fortuna is a privately held company focussing on technology solutions for handset manufacturers. This transaction, an all cash deal, is poised to be concluded during the week.

Speaking to Business Line, Mr Bengt Moller said: “The global handset market is barely five per cent of the total telecom industry business and the rest of the business is where TietoEnator works with leading companies. Together, we can play a more strategic role complementing various telecom carriers.”

“Following this development, TietoEnator is planning to step up India presence and is scouting for more acquisitions,” Mr Moller said.

The Finnish firm employs over 16,000 people addressing sectors such as telecom, healthcare, banking and financial services. The telecom business of TietoEnator has 5,700 people across 15 countries, and now sees itself playing a role in the Indian and Asian growth story.

More Stories on : Mergers & Acquisitions | Software | Telecommunications

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