Subex CEO Subhash Menon flanked by Nasscom chairman Kiran Karnik and Azure Solutions president and CEO John Cronin in Bangalore on Tuesday. (PTI)

Bangalore, April 25 (PTI): Subex Systems, the telecom software product company, today acquired British fraud management firm Azure Solutions in a $140-million stock-cum-cash deal. It is touted to be the single largest overseas acquisition by an Indian software firm.

The deal was primarily a stock transaction and the cash involved was only two to three per cent, Subex founder chairman and CEO Subash Menon told reporters here.

The new entity, Subex Azure, will have 23 of the world?s 40 large telecom firms as its customer, including British Telecom as a marquee customer, and a base of over 150 installations across 60 countries.

London-headquartered Azure, the world?s largest revenue assurance firm, is larger than Subex in size. ?The acquisition will be consummated in about a month?s time,? Menon said.

The combined entity would have a 500-strong employee base, including 200 of Azure, across the globe, Menon said.

Nasscom president Kiran Karnik said this was the single largest overseas acquisition by an Indian IT firm and dubbed it a ?milestone? in the Indian IT space.

Azure Solutions CEO John Cronin said Subex Azure would be the largest revenue maximisation company. ?This is about creating a new company to lead the telecom revenue maximisation space.?

Azure Solutions, founded in 2003 as a spin-out of BT Brightstar had reported revenues of $31 million for 2005-06. It had acquired Connexn Technologies (USA), Anie Calculus (UK) and Monnet (UK) in 2004.

Menon said the new entity would be the largest vendor of revenue maximisation solutions, the number one vendor of fraud management solutions and No. 2 vendor in interconnect and inter party billing solutions.