Sunday, Mar 06, 2005
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By Our Staff Correspondent
CHENNAI, MARCH 5. Kanbay International, an information technology services firm has acquired Accurum, an IT services provider to the capital markets industry. The purchase price consists of a $5 million closing payment, subject to certain adjustment payments of up to $7 million payable upon achievement of set performance targets. Addressing presspersons, Cyprian D'Souza, Managing Director of Kanbay Software (India) Pvt. Ltd., said Accurum employed 180 people worldwide, bringing the total number of Kanbay associates to nearly 4,000. Accurum operates offices in the U.K. and has an offshore solution centre in Chennai. Accurum's revenues were $12 million. Through its onsite, offsite and offshore delivery models, Accurum provided application development, enterprise application integration, web services, data warehousing and quality assurance and testing. Mr. D'Souza said Accurum's leadership in technology solutions in the capital markets sector strengthened Kanbay's practice and added to its breadth and depth of service for its current clients.
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