Mascon buys US co Ebusinessware for $35 million
New Delhi-based IT services firm Mascon Global (MGL) has acquired New York-based Ebusinessware Inc, which offers IT solutions and consulting to financial services firms.
By Deepshikha Monga, |
NEW DELHI: New Delhi-based IT services firm Mascon Global (MGL) has acquired New York-based Ebusinessware Inc, which offers IT solutions and consulting to financial services firms, for about $35 million, marking its third acquisition this year. The firm also plans to list on Nasdaq later this year.
Ebusinessware provides technology solutions and services in areas like credit risk management, market risk management, credit derivatives, business process management and reference data management. The acquisition will bring in additional revenues of $60 million this year. Ebusinessware has about 1,100 employees, of which 750-800 are based in India and the rest in the US.
Following the acquisition, Ebusinessware will be rebranded as MGL Finance and all MGL businesses catering to financial services clients will be brought under the same. MGL���s existing business in the financial services space is worth about $10-15 million.
���The fundamental objective is to build the company into an innovation-led, domain-focused IT solutions provider. Some of it will be done internally and some, through acquisitions,��� said Mascon Global CEO Sandy K Chandra. Mascon Global had, in March, acquired two US-based companies, business software services firm Jass & Associates and identity management service provider SDG Corp, for $55 million. The firm is eyeing Nasdaq listing.
Ebusinessware provides technology solutions and services in areas like credit risk management, market risk management, credit derivatives, business process management and reference data management. The acquisition will bring in additional revenues of $60 million this year. Ebusinessware has about 1,100 employees, of which 750-800 are based in India and the rest in the US.
Following the acquisition, Ebusinessware will be rebranded as MGL Finance and all MGL businesses catering to financial services clients will be brought under the same. MGL���s existing business in the financial services space is worth about $10-15 million.
���The fundamental objective is to build the company into an innovation-led, domain-focused IT solutions provider. Some of it will be done internally and some, through acquisitions,��� said Mascon Global CEO Sandy K Chandra. Mascon Global had, in March, acquired two US-based companies, business software services firm Jass & Associates and identity management service provider SDG Corp, for $55 million. The firm is eyeing Nasdaq listing.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
