Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Info-Tech
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Off-shore Development 3i Infotech buys J&B Software Inc The buy will help the company penetrate BFSI customer base in the US, says Mr V. Srinivasan 
Mr V. Srinivasan Our Bureau Mumbai, Oct. 15 City-based IT company 3i Infotech has acquired US-based J&B Software Inc and its subsidiaries for $25.25 million (Rs 100 crore). The acquisition will assist the company in its bid to penetrate the blue chip BFSI (Banking, Financial, Services and Insurance) customer base in the US and enable taking J&B’s payment processing solutions to global markets, according to a company release. 
The $25-million J&B Software is engaged in the business of providing software products and services relating to remittance processing in the US and has several blue chip customers. The acquisition of J&B Software is EPS accretive and will also provide 3i with significant cross-selling opportunities, the release said. Commenting on the acquisition, Mr V. Srinivasan, Managing Director and CEO, 3i Infotech, said: “The acquisition of J&B Software Inc is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally.” Reacting to the development, 3i shares were up by 2.63 per cent to close at Rs 146.60 on the BSE today. More Stories on : Off-shore Development | Software
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