Globsyn chairman Bikram Dasgupta in Calcutta. Picture by Kishor Roy Chowdhury

Calcutta, Jan. 15: Globsyn Technologies Ltd has acquired Synergy Log-In in a cash-and-stock deal to beef up its presence in the banking sector.

After the acquisition, Globsyn will hold a 41.49 per cent stake in the Chennai-based software company. It will also make an open offer to mop up another 20 per cent stake for Rs 17.15 a share according to Sebi guidelines.

Globsyn will transfer its software business to Synergy to integrate operations. Synergy will offer 35,95,880 shares in return that will account for 32.29 per cent of its expanded equity.

On top of it, Globsyn will pay Rs 0.9 crore to pick up another 9.2 per cent stake.

Valuing the Globsyn software business at little over Rs 6 crore, the net acquisition cost of 42.49 per cent stake would be Rs 7 crore for the company, Bikram Dasgupta, chairman and CEO of Globsyn group, said.

The existing promoters will continue to hold a 9 per cent stake, down from the earlier 26 per cent, in the company that logged about Rs 15 crore turnover in 2004- 05.

The newly acquired entity would also get Globsyn Infotech’s (Globsyn’s Centre for Software Excellence) existing business and customer support operations. It can also avail of the marketing facilities from Globsyn’s New York office.

Synergy is a specialist product vendor (payment solutions) in the banking and financial services industry.

It covers treasury and payments ? two of the most dynamic areas of banking today.

Its products for dealing rooms, treasury desks and payment hubs are widely implemented at home and abroad.

Over the last 15 years, the company’s products are being used by HDFC Bank, Punjab National Bank and Bank of Bahrain and Kuwait.

Its current solution has also been implemented in leading banks overseas.

Three leading banks in Sri Lanka, three in Nigeria and those in Oman and Kenya are customers of Synergy.

It also distributes payments solutions of international vendors like Bankserv USA and has its own solution in the RTGS space.

This acquisition will enable Globsyn to gain a strong foothold in the banking and financial services industry.