Mumbai-based Prisma Global acquires German tech firm Prisma GmbH for Rs 27 crore

BANGALORE: Information technology solutions company Prisma Global has acquired majority stake in German technology venture Prisma Gmbh for aboutRs 27 crore.

The Mumbai-based IT solutions company will now own the Intellectual Property (IP) of technologies developed by the German firm like image recognition and augmented reality product Snap2life, which links two-dimensional images like a newspaper advertisement with digital content through the mobile phone.

Shreeram Iyer, Chairman and Group CEO of Prisma Global, said the acquisition will help bring more innovative technology to India. “The core expertise of Prisma Gmbh along with some of the path breaking products will make us first among equals,” he said.

Prisma GmbH has around 30 years of experience in image recognition, augmented reality and other mobile solutions. Its chief executive officer Volker Brendal, a former IBM executive, will remain at the helm of the German entity for the next five years, the company said.

Prisma Global, which counts companies like Bayer, P&G, Air India and Total among its clients, is targeting revenue of Rs 42 crore by end of calendar year 2013.