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3i Infotech buys stakes in IT firms

Mumbai, Nov. 13 (PTI): IT firm 3i Infotech has acquired 51 per cent stakes in US-based Professional Access and Indian business intelligence solution provider E-Enable for around Rs 60 crore.

The acquisitions would enable 3i Infotech to enhance its offshore business capabilities and access blue chip customers, company CEO and managing director V. Srinivasan said here today.

The acquisitions are likely to be closed in a couple of months, he added.

Professional Access (PA) specialises in providing software solutions to banking, financial and retail sectors and has 500 people on its payroll.

3i has acquired a 51 per cent stake for about Rs 55 crore and has the right to buy the remaining stake over a period of two years. During the last fiscal, PAs revenues stood at Rs 110 crore with a net margin of about 10 per cent.

PA will enhance our offshore business capabilities. Moreover, it has got a good client list in the BFSI space including Citibank and JP Morgan, Srinivasan said.

E-Enable is a business intelligence solution provider with its revenues at Rs 6.50 crore and an employee strength of 50. 3i bought the stake in it for Rs 5.11 crore.

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