3i Infotech to acquire US-based J&B Software
15 Oct 2007
3i Infotech Ltd, will acquire US-based J&B Software Inc, maker of remittance processing software for $25.25 million at the closing of the transaction.
3i Infotech says the acquisition will be EPS accretive. J&B Software Inc, a profit making company with revenues of $25 million, has robust and highly scalable software products for payment processing.
The acquisition of J&B Software Inc, is a strategic move for 3i Infotech as it would enable it to penetrate into the blue chip banking, financial services, insurance that constitute the BFSI vertical in the US and enable taking J&B''s payment processing solutions to global markets, including high growth Asian markets.
The acquisition will also provide 31 Infotech significant cross selling opportunities.
"The acquisition of J&B Software Inc. is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally," said V Srinivasan, managing director and CEO, 3i Infotech.
Bala
Balasubramanian, chairman and CEO, J&B Software, said, "We believe that
through this partnership we will be able to take J&B Software solution offerings
globally"