Gemini Communication to acquire US based company PointRed Technology

Mumbai, June 14 (UNI) Chennai based, Gemini Communication Ltd has acquired PointRed Technologies Of USA, thereby becoming the first Indian company to acquire a Silicon Valley based wireless company.

The acquisition will also make Gemini Communication the largest broadbased wireless company in South Asia.

Addressing a press conference here today,Gemini Communication Ltd Chairman Mr Vijay Kumar said that through its recent initiative, Gemini Communication has acquired PointRed Technologies of USA.

PointRed was funded by Acer Technology Venture America to the tune of USD 9.7 million.

PointRed manufactures and designs ''State-of-the-art'' technology products to deliver Broadband Wireless Access-across the world.''Gemini Communication is the first Indian company to acquire an American company in the wireless technology space,'' Mr Kumar added.

The acquisition of PointRed will be yet another feather in the victory cap of the company as it will further boost the performance of the Rs 126 crore turnover which was established in 1995 to provide IT solutions in then emerging Indian as well as global markets. The aggressive performance of Gemini has resulted in the projection of this year's sales figure to be Rs 185 crore. With this acquisiton, the sales figure are expected to increase to Rs 200, Mr Kumar stated.

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