Mumbai - November 23, 2005 - 3i Infotech, a global provider of IT solutions and services and one of India’s largest and the fastest growing software product companies*, today announced that it has acquired SDG Software Technologies, a Hyderabad based software products company.
SDG Software Technologies is a profitable company with annual revenues of approximately Rs. 100 million. The company has a comprehensive array of products for the banking industry and capital markets with a focus on Surveillance and Fraud Management. The acquired product list includes:
a) BankAlertTM - An anti-money laundering (AML) software application that helps banks carry out Entity Resolution by checking against blacklists like OFAC SDN, UN Sanction, Terrorist and Criminal lists across the world. It detects fraud and money laundering instances by closely monitoring transaction patterns and addresses the challenge of complying with growing regulatory requirements.
b) AWACSTM - The Advance Warning And Control System is a surveillance engine designed to protect the integrity of the capital market from fraud, manipulation and abusive practices.
In addition to these products, SDG also offers products and solutions catering to the Capital Markets. It has 125 employees and has customers in Philippines, Singapore, Middle East, India and UK.
Commenting on the acquisition, Mr. V. Srinivasan, Managing Director and CEO, 3i Infotech, said, "We believe BankAlert, the AML product will fill a gap in our banking product space which in turn will help us further penetrate the banking industry. The scope of BFSI has widened, incorporating not just banking but other areas like capital markets that are likely to exhibit good growth. With the addition of SDG’s solutions for the capital market, our offerings in the BFSI space will increase."
Mr. Suheim Sheikh, Chairman and MD of SDG Software Technologies. said, "The synergies arising out of this acquisition will give us a global reach which in turn would accelerate sales growth of our products and offerings. The entire SDG team is looking forward to this expansion as it would provide all of us with an opportunity to see our products being installed across the world."
About 3i Infotech Limited (Formerly ICICI Infotech Limited)
3i Infotech Limited provides a range of information technology solutions for insurance, banking & finance, e-Governance, manufacturing, retail & distribution. The company is SEI CMM Level 5-compliant for its software business and ISO 9001:2000-certified for its Infrastructure Services and Business Process Outsourcing Operations.
Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutions. 3i Infotech is one of the top 5 Indian Software Product Companies* with a presence across 4 continents and serving customers in 45 countries. It is the fastest growing Indian Software Product Company in 2004-05, with respect to both domestic and overseas software product sales*
*Source: Dataquest – DQ Top 20, July 2005