Finnish telecom firm TietoEnator has signed an agreement to acquire Hyderabad-based Fortuna Technologies Pvt Ltd for about Rs 117.84 crore.
Fortuna provides research and development (R&D) services and develops turnkey software solutions for major European and Asian mobile device manufacturers of 3G handsets.
The acquisition supports TietoEnator’s strategy to build high and extremely qualified spearhead competence for telecom R&D.
The impact on TietoEnator’s net sales for 2008 is expected to be about EUR 11 million and profitability of the acquired company higher than TietoEnator’s average level, Fortuna founder and President T C Ashok and TietoEnator marketing head Tommy Anst told reporters at a joint press conference on Monday.
“We are already a leading R&D service provider for telecom and have long term relationship with Fortuna's major customers. The combined efforts of TietoEnator and Fortuna will make an even stronger platform for further growth together with our key customers,” they said.
Fortuna provides a platform for future growth in India and other parts of Asia and is a strategic addition to TietoEnator’s global delivery model, they added.
Source: Zee News