3i Infotech acquires stake in Professional Access

Bangalore, Nov 13: 3i Infotech, a global IT solutions provider, today announced that it has signed an agreement to acquire 51 per cent stake in the US-based Professional Access, with a right to acquire the balance 49 per cent over a period of time.

3i Infotech would pay US Dollar 12 million for the 51 per cent stake and the acquisition would be EPS accretive, the company said in a release here.

The company said Professional Access had offshore development centres in India specialising in the areas of e-commerce for the BFSI and retail segment. It was a profitable company with revenues of about US Dollar 24 million.

The release said the strategic acquisition would augment 3i Infotech's service business and allow 3i Infotech to tap into a large base of their blue chip clients such as Citibank, JP Morgan, Goldman Sachs and Duke Energy in the BFSI and retail verticals. Commenting on the acquisition, 3i Infotech Managing Director and CEO V Srinivasan said Professional Access was a strategic and valuable addition to the company's suite of service offerings.

''With their impressive customer base and reach in the US market, Professional Access will allow us to further penetrate the US market,'' he added.

UNI