Bangalore, Oct 30 (UNI) EDB, a leading Nordic Stock Exchange Company, is acquiring 50.1 per cent stake in the city-based Information Technology Company, SPAN Infotech India.
According to a release from SPAN Infotech Company, this acquisition represented one of the largest-ever investments by a Norwegian IT company in Asia.
The acquisition process was expected to be completed by the end of fourth quarter 2007. The current management of SPAN Infotech would continue to run the company following acquisition, the release added.
SPAN Infotech Managing Director Pradeep Grama, in his remarks, said the acquisition provided EDB a significant footprint in India for quality software delivery and in meeting its demands of large projects through the synergy.
While SPAN Infotech employed about 550 professionals working in the areas of applications development and management, the EDB had around 4,600.