3i Infotech signs pact to acquire US e-commerce firm

Mumbai: IT solutions major 3i Infotech has signed an agreement to acquire a 51-per cent stake in Professional Access with a right to acquire the remaining shares over a period.

Professional Access is a US-based company with offshore development centers in India specialising in the area of e-commerce for the BFSI and retail segment, with revenues of about $24 million. 3i Infotech would pay $ 12 million for the 51-per cent stake and the acquisition will be EPS accretive.

This acquisition is a strategic move for 3i Infotech as Professional Access' global delivery model will augment 3i Infotech's services business. Additionally, Professional Access will allow 3i Infotech to tap in to a large base of its blue chip clients such as Citibank, JP Morgan, Goldman Sachs and Duke Energy in the BFSI and Retail verticals.

"The acquisition of Professional Access is a strategic one for 3i Infotech and is a valuable addition to our suite of service offerings," says V Srinivasan, managing director and CEO, 3i Infotech. "With their impressive customer base and reach in the US market, Professional Access will allow us to further penetrate the US market.

According to Babu Venkatesh, CEO and president, Professional Access, "We believe that through this partnership, we will not only augment our service offerings but also gain the scale which is a must in the services business."