Sonata Software to acquire stake in TUI InfoTec

New Delhi, Sep 27: Sonata Software Ltd today announced plans to acquire 50.1 per cent stake in in TUI InfoTec, an IT company headquartered in Hanover, Germany, for a consideration of Euro 18 million in an all cash transaction.

This transaction will enable the company to achieve its objective of entering new geographies in the European market. Leveraging on company's offshore capabilities, TUI InfoTec will offer IT Infrastructure Management services and IT software services to the European market and will remain the preferred IT supplier to the TUI group.

''This innovative partnership combines the strengths of the two companies : Sonata's 1700 strong India development facility with a good track record and TUI InfoTec's 400+ onshore German IT professionals with extensive skills in Infrastructure Management and mission-critical software applications. This provides a compelling value proposition for European customers looking for a proven, low risk, cost-effective and high quality outsourcing option,'' Sonata Software President and Managing Director B Ramaswamy said.

The company is the strategic offshore services provider for TUI.

The balance 49.9 pet cent stake in TUI InfoTec would be held by its parent company TUI AG, Europe's leading tourism and shipping group.

In 2005, TUI InfoTec posted revenue of Euro 130 million. The company has more than 400 IT professionals with deep domain expertise.

TUI AG, with revenues of around Euro 20 billion (nearly Rs 1,20,000 crore), is listed on the Frankfurt Stock Exchange and is among the companies that constitute the German blue chip stock market index DAX, along with other companies like Adidas, BASF, Bayer, BMW, Deutsche Bank, Siemens, DaimlerChrysler, and Volkswagen.

UNI