ICRA Techno acquires 100% equity in Sapphire International Inc

KOLKATA: New Jersey based ICRA Techno Analytics Inc has acquired 100% equity in software solutions provider Sapphire International Inc of Connecticut for roughly about $1 million. The acquisition by the New Jersey firm will provide strategic synergies to ICRA Techno Analytics (ICTEAS) software initiatives in the diversified field of .Net applications, business applications and solutions.

This was announced by ICRA vice chairman & group CEO P K Choudhury soon after group company ICRA Techno Analytics Inc entered into a stock purchase agreement with Sapphire International Inc at a meeting held in Kolkata on Friday. The payment will be made in phases over a period of one year based on certain ���business milestones���.

Incidentally, Sapphire is based out of Trumbull, Connecticut in US and is in the business of providing IT solutions to government agencies and large corporations in the US market. On the other hand, ICRA Techno Analytics Inc is a wholly owned subsidiary of ICRA Techno Analytics Limited operating out of Kolkata, which in turn is a subsidiary of ICRA Ltd.

Elaborating on the synergies, the takeover would bring to the group���s IT arm, ICTEAS��� managing director Prateep Guha said: "As both ICTEAS and Sapphire are Microsoft Gold Partners, the takeover will help combine their expertise in the area of Microsoft technology. It will also increase the customer base of ICTEAS in north American markets as the acquisition will increase the visibility of the proven offshore development process of the Indian company."

The move will also enable Sapphire to introduce its offerings in the Indian market. The ���knowledge transfer��� from Sapphire���s development centres in Egypt and Russia to ICTEAS��� development centre in Kolkata will take five-to-six months time. Once the transfer process is complete, Sapphire���s Egypt and Russia office will continue to work for Sapphire���s UK entity under the aegis of Sapphire���s current CEO Stephen Page.

Post-acquisition, US-based Sapphire International Inc will become part of ICRA Techno Analytics Inc., and may get merged with the latter in the near future.

"Our relationship with Sapphire is such that we may explore the possibility of working together in the UK as well. We are also planning to launch more products for our newly acquired overseas clients," Mr Choudhury pointed out.