India News
Hexaware acquires US firm for $34.3 mn
Dec 6, 2006, 3:15 GMT
Mumbai, Dec 6 (IANS) Hexaware Technologies, a leading Indian software and outsourcing services providerere, has acquired the US-based IT firm FocusFrame Inc for $34.3 million.
FocusFrame's, an enterprise resource planning company, provides services such as systems verification, quality strategy and IT governance. With this acquisition, Hexaware will now strengthen its testing service business globally.
'Hexaware will now be in a position to offer a complete cycle of testing service and be able to achieve more than $100 million revenue from this practice in the next three years,' said Atul Nishar, executive chairperson of Hexaware.
As per the pact, Hexaware paid $25 million in cash for acquiring 100 percent shares of FocusFrame and its 200 employees and consultants. The balance amount of $9.3 million would be paid over a period of 24 months.
FocusFrame co-founders Vaughn Paladin and Suri Chawla would continue to run the operations as a fully owned subsidiary of Hexaware Technologies Ltd.
© 2006 Indo-Asian News Service
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john qDec 10th, 2006 - 10:23:46
So, how is this acquisition linked to testing per-se? Are they saying that they can $100 mn through ERP testing?
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