The Hindu Business Line : NTT Data buys majority stake in Vertex

Pune, Nov. 16 NTT Data Corporation, a listed subsidiary of Nippon Telegraph and Telephone Corporation, is acquiring a majority stake in Pune-based Vertex Software Pvt Ltd.

Nippon Telegraph is an IT services company and Vertex is into product development, mobile and Web applications development.

Addressing presspersons, Mr Shinichi Yamada, Chief Technical Officer and Executive Vice-President of NTT Data, Mr Ajit Patil, Chief Executive Officer, Vertex Software, and Mr Ashok Kalluraya, co-founder of the company, said a definitive agreement has been signed between the two companies.

NTT Data would now acquire 68.7 per cent of outstanding equity of Vertex and the balance would remain with its founders and senior executives. Mitsui and Co Ltd (Japan) and Logicsoft Inc of the US, the companies which have initially invested in Vertex, would now transfer their share to NTT Data.

Mr Yamada noted that the boards of both the companies have approved the transaction and the completion of regulatory approvals and equity transfer process is expected to be completed by December.

Mr Ashok noted that post this transaction, Vertex would continue to operate independently but would be positioned as NTT Data Group company.

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