Sasken To Acquire iSoftTech
Sasken Communication Technologies, a telecom research and development outsourcing solutions company has announced that it has acquired 100% stake in Chennai-based Integrated SoftTech Solutions (iSoftTech) for $1.45 million.
iSoftTech has been focussing on data networking, VoIP and wireless domains. It will now operate as a wholly owned subsidiary of Sasken. Its Chennai operations will become a centre of excellence for Sasken s data network domain.
Rajiv Mody, Chairman & CEO, Sasken said, “The acquisition is expected to help the company make a foray into data communication domain and to offer data communication solutions to its existing customers in a phased manner.”
Commenting on the development, Ray Stata, Chairman, Integrated SoftTech said, “We are satisfied with this recognition to iSoftTech’s expertise and the growth opportunities it offers the iSoftTech team. Sasken has been a pioneer in the telecom research and development outsourcing space, and their unique hybrid model is very exciting.”
Both the companies have signed share purchase agreements for the acquisition and the integration efforts will start immediately. Sasken also plans to anchor new and key customer relationships out of the Chennai centre.
“A dedicated team has already been identified and is working on fast and seamless integration between the two companies. Deliveries and commitments made to all SoftTech customers will be met and continued, and there will be no disruption due to the acquisition,” added Mody.
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