Prithvi Info To Acquire US Company For $5 Mn
Prithvi Information Solutions is acquiring a US-based company for $5 Mn (Rs 24 Cr).
The deal is expected to be completed in a couple of months.
PISL is also planning its expansion in the markets of Brazil, Canada, West Asia and South Africa.
It recently acquired US-based business inteligence consulting firm, Percentix Inc. for $3 Mn.
Transaction Reference: BS
PISL is engaged in the business of software services, telecom products and telecom engineering services. It has two segmentsviz., software and telecom products and services.
PISL is headed by VV Rama Rao, a school teacher-turned-businessman with close political ties. His daughter Madhavi Vuppalapati and son Satish Kumar hold top positions in the company.
PISL is Andhra Pradesh’s second largest IT firm. They have been recently issued summons by a city criminal court in a Rs 200 Cr alleged fraud case that involves unpaid dues to a leading Japanese corporation.
Deutsche Bank has charged PISL with a Rs 31.95-crore fraud in June 2009.
PSIL reported a turnover of Rs 1,871.35 Cr for 2009-10 with a net profit of Rs 4.92 Cr for the same period.
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