Infotech acquires US-based firm Wellsco Inc
City-based information technology firm Infotech Enterprises today said it has acquired US-based Wellsco Inc, in an all-cash deal.business Updated: Aug 10, 2010 19:56 IST
City-based information technology firm Infotech Enterprises on Tuesday said it has acquired US-based Wellsco Inc, in an all-cash deal.
Wellsco is a telecom engineering services provider with annual revenues of USD 12 million and has over 180 employees.
While Infotech did not disclose the deal size, sources said, it was worth around USD 15 million.
The acquisition was made by Infotech Enterprises America Inc, a wholly-owned subsidiary of the company.
"The telecommunications industry has always been an important market for us and telecom network design and engineering has emerged as an excellent growth area. With this acquisition, we gain access to the deep domain skills and experience of the local Wellsco team, which combined with long-term customer relationships and the US delivery capability, will accelerate our growth," Infotech Chairman & Managing Director B V R Mohan Reddy said.