CHENNAI:
Quintegra Solutions, a software services company, has acquired a U.S.-based software development and consultancy company, ValleyUS Inc., and a Singapore-based software product company, JadeLite Technologies, for a consideration of Rs. 46.50 crore ($10.5 million).
Addressing a press conference here on Wednesday, Shankarraman Vaidyanathan, Chairman and Managing Director of Quintegra, said that his company had acquired 100 per cent stock in ValleyUS at $9.5 million and JadeLite at $1 million.
Mr. Vaidyanathan said the acquisition would substantially strengthen Quintegra's U.S. presence.
The President of ValleyUS, Sunita K. Nag, said the main reasons for this acquisition were that firstly, there were strong synergies between the two companies. Secondly, Quintegra was a public listed company and finally ValleyUS had grown to the extent possible and now it was in need of more funds to expand further, she added.
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