$23m to target investment management in securities
By Tony Hallett
Published: 21 April 2005 15:05 GMT
Satyam is to buy investment management consulting firm Citisoft for $23.2m.
Citisoft, which has a presence in major world financial centres, will operate as a subsidiary of the Indian company's, in the Satyam Financial Services Group (FSG).
According to a statement, clients in common between Satyam FSG and Citisoft such as Bear Stearns were the catalyst for talks about an acquisition.
IT services spend related to investment management of about $7bn in 2004 is now outpacing that of the rest of the securities industry, according to figures from Tower Group cited by Satyam.
Although not as well known as India-based rivals Infosys, TCS and Wipro, Satyam is a leading provider of application development and business process outsourcing services, among other things.
The acquisition costs will be spread over a three-year period with an additional $15.5m to be paid should certain performance targets be hit.
A financial Investment Management client of mine is looking for a lead developer with tech design and architecture skills and experience and ...
HCL IBS is part of the HCL Group of companies and is one of India's leading global IT services companies with 60,000 professionals and operations ...
HCL IBS is part of the HCL Group of companies and is one of India's leading global IT services companies with 60,000 professionals and operations ...
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