Finnsih firm acquires Fortuna for Euro 21 million
Finland-based IT services provider TietoEnator has decided to acquire Hyderabad-based Fortuna Technologies for a consideration of about Euro 21 million (about Rs 118 crore).
By Sreekala G, TNN |
HYDERABAD: Finland-based IT services provider TietoEnator has decided to acquire Hyderabad-based Fortuna Technologies for a consideration of about Euro 21 million (about Rs 118 crore). The Finnish firm has signed an agreement with Fortuna and the transaction is expected to close on Monday.
Fortuna supports around 300 employees. The company provides R&D services and develops turnkey software solutions for major European and Asian mobile device manufacturers of 3G handsets.
The acquisition will support TietoEnator’s telecom and media strategy. “We are already a leading R&D services provider for telecom and have long term relationships with Fortuna's major customers. The combined efforts of both the companies will now provide an even stronger platform for further growth with our key customers. Besides, Fortuna gives us an excellent platform for future growth in India, other parts of Asia and is a strategic addition to our global delivery model,’’ said Ari Vanhanen, president (telecom & media), TietoEnator at a press conference on Monday.
The acquisition is expected to increase the Finnish firm's net sales in 2008 to about 11 million euros (about Rs58 crore). TietoEnator's telecom and media vertical currently employs over 5,700 experts in 15 countries.
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