Accel Frontline acquires Telesis Global's banking sol division

New Delhi, Jan 23 (UNI) Chennai-based Accel Frontline Ltd today signed an agreement to acquire the banking solutions division of Telesis Global Solutions Ltd, a software solutions provider specialising in products for banking applications in India, West Asia and African regions.

The division, to be acquired for an undisclosed amount, will he merged with the banking solutions division of the company, which currently has an MIS product framework for the banking segment.

''The new acquisition is in line with the company's focus on increasing the software services revenue in the coming years...The acquired business is expected to contribute profitable revenues of Rs 20 crore for FY08 and Rs 6 crore during FY07,'' Accel Frontline said in a statement.

The acquisition is expected to be completed before January 31, 2007.

UNI