Accentia Technologies has acquired 51 per cent stake in Oak Technologies, US for an all-cash deal.
Oak Technologies is an integrated services provider in healthcare receivables management operating from US and several locations in India.
Through this acquisition, Accentia got into its fold a global workforce numbering 700.
Oak Technologies has 5 units operational in US and India. In India, it has presence in Hyderabad, Nagpur and Bhubaneshwar.
Accentia plans to build on its acquired Oak Technologies base through aggressive human resource development in 2 years. It plans to add about 2,000 more personnel at the above-mentioned locations. Accentia aims at a human resource pool of 5,500 by the end of 2008-09 (April-March).
“Through the current acquisition, which is an all cash deal, Accentia has put in place the internal accruals in a synergistic operational investment and the current acquisition paves the way for enlarging our manpower base to meet the increasing order book pipe-line, besides catering to the existing customers,” said Pradeep Viswambharam the CEO and Director of Accentia.
Source: Economic Times