Business Daily from THE HINDU group of publications
Monday, September 17, 2007
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Business Daily from THE HINDU group of publications Monday, September 17, 2007 |
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News Update as at 10.00 hrs (IST)
Info-Tech Finnish firm to acquire Fortuna Tech NEW DELHI: Finland-based IT services provider TietoEnator Corp will acquire Hyderabad-based software services firm Fortuna Technologies Pvt Ltd for an estimated 21 million euros (about Rs 118 crore). The firm has signed an agreement with Fortuna Technologies and the transaction is expected to close by September 17, a statement by TietoEnator said. Founded in 1996, Fortuna Technologies has around 300 employees and provides R&D services and develops turnkey software solutions for major European and Asian mobile device manufacturers of 3G handsets. "Fortuna has established itself as a strategic partner to key platform vendors and manufacturers, with around 300 experts under one roof capable of delivering complete 3G software for mobile devices. Together with TietoEnator we will now have a world lea ding portfolio of services and software solutions," Mr T C Ashok, Founder and President of Fortuna said in the statement. The impact, on the Finnish firm's net sales for 2008, is expected to be about 11 million euros (about Rs 58 crore). "Fortuna gives us an excellent platform for future growth in India and other parts of Asia and is a strategic addition to our global delivery model," Mr Ari Vanhanen, President (Telecom and Media), TietoEnator said. TietoEnator's business area telecom and media has a broad service portfolio that covers R&D services, consulting, IT system development and integration for the telecom and media industry. It currently employs over 5,700 experts in 15 countries. - PTI
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