The Hindu : Business : Saksoft buys Acuma of U.K. for $17 million

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Wednesday, Oct 04, 2006
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Saksoft buys Acuma of U.K. for $17 million

Special Correspondent

CHENNAI: Saksoft, a software solution provider to the financial services industry, has acquired the U.K.-based Acuma group in a cash deal. Acuma is a dedicated provider of information management solutions and strategic consultancy.

The consideration for the deal is $17 million. Saksoft has acquired Acuma through a special purpose vehicle (SPV) in the U.K. Saksoft had funded the acquisition partly through internal resources and partly via raising debt from group outfits, company sources said.

Acuma employs around 80 people and had reported revenue of over $20 million for 2005. Saksoft, a listed company, had reported revenue of Rs. 50 crore for the year ended March 2006.

The Acuma group has three companies — Acuma Holdings, Acuma Solutions and Acuma Software. The venture fund JZI Finance held 100 per cent stake in Acuma Holdings, which, in turn, owned the other two outfits. Saksoft bought out the venture fund in Acuma Holdings and, as a consequence, the other two outfits. Aditya Krishna, Managing Director of Saksoft, said in a release, "the combined entity's offerings will now be multi-vertical, multi-service with customer facing domain experts and back-end technology/service specialists."

Saksoft sources said a revamp plan would be put in place for Acuma (which is incurring losses). This would see some cost trimming exercises and outsourcing possibilities.

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