Chennai, Oct 18 (UNI) Quintegra Solutions Limited, a city-based provider of IT services and products, today announced that it acquired PA Corporation (PAC), a US-based information technology company, providing a broad range of services to several industry sectors in a variety of IT-related projects.
Addressing a press conference here, Chairman and Managing Director Sankaraman Vaidyanathan said with the acquisition, Quintegra gains capabilities and expertise that strengthen the company's fast-growing IT and consulting services.
The PAC would bring core competencies in high-end IT consulting and leadership in the middle-space IT services such as enterprise application services, data architecture and data validation, audit compliance documentation, business process management, integration architecture and deployment and testing and configuration management, he said.
"This transaction provides Quintegra with these value-adding capabilities and a strong base of clients predominantly in the BFSI, mortgage and brokerage space", he said.
In addition, Quintegra gains a highly experienced management team, led by PAC CEO LeRoy Pingho and President and COO Wally Kulesza.
Both Mr Pingho and Mr Kulesza had rich experience in senior executive roles in global organisations in the domains of financial services as well as IT, he said.
This transaction marks an occasion, where an offshore IT services company had joined with a focused independent, US-based middle-space IT services and high-end IT consulting provider to create a single, seamless, global delivery model, managed with common processes worldwide, Mr Vaidyanathan said.
"This acquisition demonstrates our commitment to continue building on the success of Quintegra's fast-growing IT services by expanding the depth of services we can provide to our clients." he said.
With this acquisition, Quintegra was poised to earn revenues in excess of Rs 400 crore and profit in excess of Rs 50 crore for the financial year ending March 31, 2008.
"This acquisition is in keeping with Quintegra's articulated strategy of enhancing our competencies. I am personally confident that we will continue with this momentum to achieve our vision of becoming one of the top IT companies in India by the year 2010." Mr Vaidyanathan added.