Mumbai: Kanbay International Inc, the Nasdaq listed IT services company has acquired Accurum Inc (revenue $12 million) another outfit focussed on the capital markets.

Interestingly, the buyout deal is also for $12 million deal ($5 million cash down and the balance based on performance). The $182-million Kanbay International has over 3,700 employees. Its Indian subsidiary has 2,800 employees working at its two centres located in Pune and Hyderabad.

According to Kanbay Software India P Ltd's managing director, Cyprian D'Souza, there will not be any change in the organisational structure of Accurum at least for next one year. "The acquisition will enable Kanbay International offer IT services for capital market players."

Accurum has 180 employees and provides staffing services to its clients to a limited extent.

Speaking about the deal Accurum CEO Venkat Vallabhaneni said, "We were looking for scaling up. But it takes time. Kanbay International has the required scale."

Last June, Vallabhaneni , outlined his vision of setting up development centres in Mumbai and Bangalore and increasing the headcount to 1,500 over a four year period.