Prism Informatics To Buy 51% In A Saudi Firm IMT
Prism Informatics Limited is set to buy 51% stake in Information Management Technologies Company Limited (IMT), a subsidiary of Al Suwaidi Holding Company.
Prism Informatics has signed a memorandum of understanding (MoU) with Al Suwaidi Holding Company for purchase of 51% stake in Information Management Technologies (IMT) that provides IT solution services in the Middle East.
Transaction Reference: Myiris
Promoted by Idhasoft, Prism is a software development and IT business consulting services provider headquartered in India. It caters to the enterprise customers through its range of services from software application development and strategic IT consulting, implementation and support of third party enterprise-wide products, including Oracle, SAP, Cognos, TIBCO, and Sybase.
This is Prism's sixth acquisition. This year in may it acquired stake in TLC Technologies Inc. Prism's earlier acquisisitons are Nastek Solutions, Nexus System Resources, SUMITS and Finasys. Acquisitions are a major part of Prism's growth strategy.
Prism is also raising funds to the tune of Rs.23 crore by issue of compulsorily convertible debentures- series II to fund acquisitions and for its expansion plans.
For 2009-10, its net profit rose 122.73% to Rs.0.49 crore as against Rs.0.22 crore during the previous year ended March 2009. Sales rose 273.17% to Rs.1.53 crore in the year ended March 2010 as against Rs.0.41 crore during the previous year ended March 2009.
IMT is a technology solutions provider in IS security, IT infrastructure management, enterprise mobility & business applications.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 06/09/10 | IMT - Prism Informatics | M&A | Prism Informatics Limited | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Agni Property Services Private Limited | Looking For | - | Planned |
| 02/02/12 | M&A | Persistent Systems Limited | Location business | - | Completed |
| 31/01/12 | Private Equity | Tiger Global Management LLC | Flipkart Online Services Private Limited | 150.00 | Completed |
| 31/01/12 | M&A | Dell Inc | Looking For | 1007.05 | Planned |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Prism Informatics Limited | Idhasoft Limited | B-505,BSEL Techpark,5th Floor, Opp.Vashi Station,Vashi, Navi Mumbai-400705. |
HCL Technologies Limited | www.prisminfoglobal.com |
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