Mumbai, Jan 21: Global IT consulting major, today Satyam announced the acquisition of Chicago-based management consulting firm Bridge Strategy Group for Rs 137.70 crore (USD 35 million).
"Bridge Strategy Group is a highly respected organisation that is well known for its exceptional professionals and its acumen in seven key industries," Satyam Founder and Chairman B Ramalinga Raju said.
"By absorbing the company, we gain an immediate influx of brilliant and experienced strategy consultants," he added.
Through the acquisition the company expects to increase its speed and efficiency for providing full transformational solutions, providing highly strategic counsel to its clients.
Post acquisition, Bridge Strategy would operate as a fully-owned subsidiary of Satyam, but maintain its name and brand, the IT major said in a filing to the Bombay Stock Exchange.
While Bridge Strategy would continue to serve customers in the US, Satyam's largest and most mature market, its services would be made available to Satyam clients worldwide through Satyam's advanced global delivery model, the company informed.
Sheridan, the current President of Bridge Strategy, would assume the role of CEO for the unit after the acquisition and report to Satyam Co-founder&CEO, Rama Raju, who would also be Chairman of Bridge Strategy Group. Also, all current partners and staff are expected to remain with the unit.
Bridge develops profitable growth, operations design, performance improvement and execution strategies for clients. Shares of the company were trading at Rs 339, down 9.02 per cent on BSE in morning trade