AppLabs Tech acquiries Software Testing Co

Mumbai, Sep 20: AppLabs Technologies, a global software testing and development services company, today announced that it has acquired IS Integration, the leading UK based IT and business solutions testing consultancy for USD 37 million (Rs 170 crore), some of which is contingent on future profits.

AppLabs,CEO Mr Sashi Reddi told mediapersons here,''The transaction is partly funded by UTI Bank, Singapore. This news follows the June,2006 announcement that AppLabs has received USD 10 million in funding from Sequoia Capital India. The investment in AppLabs totals USD 17 millon, one of the largest investment Sequoia has made in an Indian company.

Under the scope of the AppLabs-IS Integration agreement, all offices of IS Integration will continue to operate as they are and all the staff will remain employed in the UK based company. IS Integration will effectively form the European arm of AppLabs.The company will contiunue to operate as IS Integration for the next six months, thereafter it will operate under the name AppLabs, he added.

UNI