Quintegra Solutions acquires ValleyUS

Chennai, Mar 21 (UNI) Quintegra Solutions Limited, a leading software services company, has acquired ValleyUS of United States, a software development and consultancy company and JadeLite Technologies of Singapore, a software products company, for Rs 46.50 crore.

The acquisition would substantially strengthen Quintegra's US presence with strong clientele in domains like client-server, legacy CRM, and e-commerce, Shankarraman Vaidyanathan, Chairman and Managing Director said addressing a press conference.

Mr Shankarraman said the acquisition of JadeLite, which had award wining ERP for eductional sector, would improve Quintegra's market share in the education and training management software sector.

"Quintegra acquired 100 per cent stock in ValleyUS at 9.5 million US dollars and JadeLite at One million dollars. The due diligence of the take-over of these companies was done by Ernst and Young," he said.

Mr Vaidyanathan said the acquisitions were in line with the company's organic and inorganic strategy to become one of the top IT companies in India with revenue of 100 million US dollar by the year 2010.

He said the company would leverage all the synergies in the line of services of VallyUS and move up the value chain. VallyUS had registered a revenue of Rs 53 crore for the year ending December 31, 2006 and it was projected to achieve a revenue target of Rs 80 crore and Rs 106 crore by 2007-08 and 2008-09 respectively, he added.

UNI