The Hindu Business Line : Aurionpro to acquire US firm; plans to raise Rs 150 cr

MUMBAI: Aurionpro Solutions on Monday said it would acquire US-based firm Sena Systems Inc for an undisclosed amount, a move that will expand its customer base and strengthen support capability in the North American region.

The company's board of directors at its meeting today said it has entered into an agreement to acquire Sena Systems, subject to necessary regulatory approvals, the IT solution provider informed the BSE.

Further the company said, in a bid to expand its products and services offerings across Europe and the US in coming quarters it is planning to raise funds to the tune of Rs 150 crore through preferential allotment to promoters, including promoter group a nd strategic investors.

"The acquisition will expand our customer base significantly and will also strengthen our support capability in the North American market, Aurionpro Solutions Managing Director Amit Sheth said.

Mr Sena, engaged in identity and access management consulting services, would provide Aurionpro access to large US banks for its electronic payment practice and also help in expanding its operations, mainly in Middle East Asia and Europe.

"This acquisition will also help us expand our customer offerings significantly in Asia, besides expanding our foot print to Japanese market,'' Mr Sheth added. Regarding its plans for raising capital, Mr Sheth said, funds would be raised through prefere ntial allotment to promoters including promoter group and other strategic investors and the process is expected to be completed in next 45-60 days subject to shareholders approval. The funds would be utilised to repay loans, deliver capabilities and cap ital towards further acquisitions and joint ventures. - PTI

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