Paradyne Infotech Ltd on October 31, 2007 has announced that it has entered into a stock purchase agreement to acquire 100% stake in Front Office Technologies, Inc. of US.
Front Office Technologies, Inc has rich expertise In the Infrastructure Management Services space across verticals.
The consideration for the acquisition is USD 3.34 min an all cash deal.
Front Office Technologies acquisition will add key new relationships in the Banking and Finance, Media and FMCG domains in the USA to Gladwyne’s Technology IMS business. Front Office Technologies, Inc has a strong client base with clients like American Express Banks Standard Chartered Bank, Ogilvy and Mather Worldwide, Bartle Bogie Hegarty, Sotheby’s, Alchemy, etc.
Mr. Annand Sarnaaik, CMD, Glodyne Technoserve said "Front Office Technologies acquisition is a strategic initiative to penetrate high value verticals in the USA for our Technology IMS business. The acquisition lends significant synergies to our US operations with the benefits of expert IMS professionals and key market relationships of Front Office Technologies".
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Union Budget