| Fidelity National Information Services has acquired Chandigarh-based Second Foundation (India) Private Ltd, an offshore global infotech services provider. |
| US-based Fidelity is a leading provider of core processing for financial institutions, card issuer and transaction processing services, mortgage loan processing and mortgage-related information products. |
| Second Foundation is a provider of software solutions to high-end customers in the UK, the US, and Europe and is a 100 per cent export-oriented unit, having two facilities in Chandigarh, one each in Mohali and Noida. |
| Experts belive the acquisition will help to better utilise and expand software development and professional services capabilities in India on a global level, thereby creating a win-win situation for the customers. |
| When contacted, Second Foundation Executive Director TS Bakshi confirmed the deal but did not disclose its size. The company registered a turnover of Rs 30 crore in 2006-07. |
| The company has clients from airlines, shipping companies, and security providers in the developed countries. The company was started five years ago with a team of 10 engineers, which has now expanded to a a team of over 400 software professionals. |
| It also has a tie-up with a US-based company, which identifies the customers for them. The foreign partner also provides technical support by scanning the problems in their venture and training the professionals of their Indian partners on various parameters. |
| “The transaction heralds the emergence of Tier-II Indian cities as important gateway into India for global companies(like FIS), who haven't yet establish base in India. The combined entity is poised to scale rapidly and become a leading IT services player in northern India,” said a spokesperson for Avendus Advisor which was the sole advisor to second foundation for the transaction |
| Fidelity has processing and technology relationships with 35 of the top 50 global banks, including nine of the top 10. Approximately 50 percent of all U.S. residential mortgages are processed using FIS software. |
| It is expected that the wholly-owned India-based global delivery capability would strengthen FIS' current ability to provide competitive, cost effective and innovative services and solutions to its customers. |
Source : Business Standard