NIIT Tech arm to acquire 55% interest in US firm RuleTek
Incessant Technologies, an arm of NIIT Technologies, on Wednesday announced it will acquire 55 per cent interest in US-based RuleTek, in a bid to boost its digital integration capabilities and expand North America footprint.
Incessant Technologies has "signed a definitive agreement to acquire 55 per cent interest in RuleTek", NIIT Tech said in a regulatory filing without disclosing the deal size.
"The transaction will enable Incessant to strengthen its digital integration capabilities and expand its footprint in the high-opportunity North American market and near-shore capabilities to its existing delivery model," the statement said.
RuleTek, headquartered in Meridian, Idaho (US), is a business process management architecture services company that has done implementations for Fortune 500 companies.
It has 65 employees and reported a revenue of $6.47 million (Rs 41.74 crore) for 2016-17.
Vijay Madduri, CEO of Incessant Technologies, said the deal offers "substantial synergies" to accelerate growth in the North American market.
"This initiative enhances our near-shore capabilities in line with our intent to service our US clients with a well rounded delivery model involving onsite, offshore and near- shore capability," Arvind Thakur, CEO and Joint MD of NIIT Technologies, said