3i Infotech to buy 51 pc stake in Professional Access for USD 12 mn

Mumbai, Nov 13 (UNI) 3i Infotech today signed an agreement to acquire a 51 per cent stake in Professional Access for a consideration of USD 12 million.

The Company's Managing Director and CEO V Srinivasan said the company has been given a right to acquire the remaining stake in over a period of time. Professional Access is a profitable US-based company with offshore development centers in India specialising in the area of e-commerce for the BFSI and retail segment generating revenues of about USD 24 million, he said.

The Company would pay USD 12 million for the 51 per cent stake and the acquisition with the EPS (earning per share) accretive.

Further, Mr Srinivasan said this acquisition is a strategic move for the Company as Professional Access global delivery model will augment 3i Infotech's services business. Additionally, he said, with a reputation built over two decades, Professional Access will allow the Company to tap in to a large base of their blue chip clients such as Citibank, JP Morgan, Goldman Sachs and Duke Energy in the BFSI and Retail verticals.

''The acquisition of Professional Access is a strategic one for 3i infotech and is a valuable addition to our 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,'' Mr Srinivasan said.

UNI SN MJ VKG2012