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IT company NIIT Technologies today acquired Spainish software services firm Proyecta Sistemas de Informacion SA for $7 million.
“We will end up paying 70 per cent of the revenue (for acquisition) which is $ 7 million,” Mr Arvind Thakur, CEO, NIIT Technologies, said.
He said the company had revenue of $10 million in last financial year and has EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of 10 per cent. “From today, we will start consolidating revenue of Proyecta with NIIT Technologies,” he added.
The acquisition enables NIIT Technologies to enhance its European footprint with Proyecta's experience in travel and financial services segments. “The company sharply focuses in two segments, travel and financial services. Its 68 per cent revenue came from travel vertical.
This is going to add to our expertise and at same time give us local presence in Europe,” Mr Thakur said. Headquartered in Madrid, Proyecta, with over 100 consultants that industry players in business intelligence, Web and mobility applications.
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