ICRA Subsidiary Acquires US IT Firm Sapphire

by CXOtoday Staff    Mar 20, 2009

ICRA Techno Analytics, New Jersey, USA, a wholly-owned subsidiary of ICRA Techno Analytics Limited (ICTEAS) operating from Kolkata, has acquired 100% stake in Sapphire International, a Delaware corporation based out of Trumbull, Connecticut, USA.

Sapphire, a Microsoft Gold Partner, is in the business of providing IT solutions to government agencies and large corporations in the US market. ICRA Limited is a credit rating agency in India.

P. K. Choudhury, vice chairman and group CEO, ICRA, said, "The acquisition is expected to provide strategic synergies to the software initiatives of ICTEAS in the diversified field of .NET applications and Business Applications and Solutions. The acquisition will enable the in-house capability of ICTEAS to cater to a wider client base in USA."

Sapphire uses a hybrid engagement model, which involves an onsite team and low-cost offshore development centers based till now in Egypt and Russia. A team of business analysts and solutions architects with expertise in diverse business spectrum play the onsite role. Once a client is acquired and project awarded, the hybrid model comes into play providing customers the best-fit solution, a company release said.

Stephen Page, the present CEO of Sapphire, said, "Sapphire’s existing engagement will provide ICTEAS with opportunities to cross-sell within Sapphire’s existing customer base with offerings in Business Intelligence and Business Analytics, a niche area in which ICTEAS has strong expertise and a growing practice. The acquisition of Sapphire will enable the offshore component of the work to be sourced to ICTEAS’ development center in Kolkata."

Listing some of the synergies resulting from the takeover, Prateep Guha, managing director, ICTEAS, said that as both Sapphire and ICTEAS are Microsoft Gold partners, it will help combine their expertise in the area of Microsoft technology. Also, it will increase the customer base of ICTEAS in North American markets as the acquisition will greatly increase the visibility of the offshore development process of the Indian company.

"Sapphire will be able to introduce its offerings to the Indian market. It will also boost the staffing plans of ICTEAS for clients who constantly require onsite manpower deployment," Guha said.