Info-drive Software Ltd announced the acquisition of Technoprism LLC, a leading software solutions firm based in San Jose, California. Info-drive Software Ltd, through its US subsidiary Info-drive Software Inc, has taken a 51% stake in Technoprism LLC which has been executing turnkey software projects and IP-led business applications development, to some of the most recognized technology giants in the Silicon Valley, over the last 9 years of its operation. The firm has deep domain expertise in full life cycle product development using varied platforms and databases Including Java, Oracle and variety of middleware tools.
Technoprism LLC is expected to achieve revenues of US$ 5 million for the year ending December 31, 2008 and targets to achieve US $ 15 million for the year 2009 by having an offshore presence In India The enterprise value of the company is US $ 10 million and the purchase consideration for the 51% stake would be US $ 5.1 million. It will be an all cash deal with milestone targets till 2009 by which time the purchase consideration will get paid.
Announcing this transaction, Mr. Arif Rahman, Chief Mentor of Info-drive Software Ltd affirmed Info-drive's growth strategy through a selective assembly of specialized capabilities that seamlessly thread across the needs of global enterprises seeking blended-shore delivery execution. To that effect, Technoprism's clients would immensely benefit from Info-drive's array of services and offshore service delivery framework, he stated.
Pradeep Uchil, Founder of Technoprism, said this transaction catapults Technoprism to effectively bid for larger and complex projects given the huge balance sheet strength, global delivery model and world class management team that Info brings to bear through this acquisition.
N T Shivkumar, COO of Info-drive stated that Technoprism's marquee client portfolio and robust prospect pipeline make it a compelling growth platform for realizing lnfo-drive aggressive business plan In North America.
Source: Equity Bulls