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3i Infotech signs pact to acquire a strategic stake in Professional Access

3i Infotech, a global provider of IT solutions, today announced that it has signed an agreement to acquire a 51% stake in Professional Access with a right to acquire the balance 49% over a period. Professional Access is a US based company with offshore development centers in India specializing in the area of e-commerce for the BFSI and retail segment.

Professional Access is a profitable company with revenues of about US$ 24 million. 3i Infotech would pay US$ 12 million for the 51% stake and the acquisition will be EPS accretive.

This acquisition is a strategic move for 3i Infotech as Professional Access’ global delivery model will augment 3i Infotech’s services business. Additionally, with a reputation built over two decades, Professional Access will allow 3i Infotech to tap in to a large base of their blue chip clients such as Citibank, JP Morgan, Goldman Sachs and Duke Energy in the BFSI and Retail verticals.

Commenting on the acquisition, Mr. V. Srinivasan, Managing Director and CEO, 3i Infotech, said,”The acquisition of Professional Access is a strategic one for 3i Infotech and is a valuable addition to our suite of service offerings. With their impressive customer base and reach in the US market, Professional Access will allow us to further penetrate the US market.”

Said Mr. Babu Venkatesh, CEO and President, Professional Access, “We believe that through this partnership, we will not only augment our service offerings but also gain the scale which is a must in the Services business.”