AGC Networks to acquire business of US firm Transcend United

NEW DELHI: IT solutions company AGC Networks on Monday said its US subsidiary will acquire business of US-based IT systems integration firm, Transcend United Technologies for an undisclosed amount.

In a communique to the BSE, AGC Networks said its Board "...has approved the acquisition of business of technology integration focused on united communications, data centre infrastructure and managed services from Transcend United Technologies on March 15, 2013."

Pennsylvania-headquartered Transcend has an annual revenue of about USD 43 million and employs 130 people, it added.

"This (acquisition) will offer AGC Networks a wide footprint in North America in line with company's strategy for globalisation," the filing said.

AGC's US-based subsidiary, AGC Networks Inc, offers unified communications, network infrastructure, information security, data centre and enterprise application solutions.

Transcend, which has offices on East Coast, Mid-West and Central US, focuses on unified communications, data centre infrastructure and managed services.

Shares of AGC Networks, an Essar enterprise, today rose by 0.28 per cent to settle at Rs 124.10 apiece from its previous close at the BSE.