Indian IT service Management Company Info-Drive Software Ltd (IDSL) has entered into a Memorandum of Understanding with a Gurgaon based company to acquire majority stake.
Both companies are in the process leading to definitive agreement to acquire the above referred stake, informed the company in a press statement released on Monday (4 September).
IDSL expects synergy and downstream domestic business to flow as a synergy in this acquisition.
The target company is around 20 years old with proven capabilities in software development in the domestic and also Japanese market. The target company has an employee base of approx. 1000 and has catered to large customer base in Japan and India with experience in wide variety of technologies, domains and verticals gives unique technical prowess.
It also offers wide array of services including Software Development, IT Infrastructure Management (IMS), IT Staffing Services in addition to a range of home grown proprietary products & solutions.
The target company has successfully implemented various large and midsized projects for various government and non-government organizations – including but not limited to enrolments, IT system setup and management, hand holding, capacity building etc.
The presence is spread across several states across India and across several Ministries of various Governments and Public Sector Undertakings.
Currently the company has an order book in excess of Rs 350 crore with annual revenues in excess of Rs 100 crore.