Hyderabad, October 31 (UNI) Goldstone Technologies Limited, one of the leading Hyderabad-based software solutions and IPTV provider, today announced that it would acquire 51 per cent stake in 4G Informatics, specialised in the Biometric Identity solutions, for an undisclosed sum.
According to a release here, with this acquisition, Goldstone would get a firm-footing in the emerging identity solutions market in the country.
The company would be using a combination of cash and stock in the company, as per the guidelines of the Securities and Exchange Board of India (SEBI), to fund the majority-stake acquisition.
The cash component would be used to pay part of the consideration to the promoters of 4G Informatics, and to fund the company's expansion.
4G Informatics founder and Chief Executive Officer Sreeni Tripuraneni would continue to manage the company along with its team. Goldstone Technologies would appoint two directors in the board of 4G Informatics.