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RPG Group owned Zensar Technologies, has acquired PSI Holdings Inc. (USA) subsidiary company Akibia for $66 million (Rs. 318 crore).
Khaitan & Co acted as the Indian legal counsel to Zensar India and USA with a team led by Partner Rabindra Jhunjhunwala along with Stahl Cowen Crowley Addis LLC acting as the international legal counsel to Zensar USA.
Greenberg Traurig LLP advised PSI Holding.
Speaking on the unique feature of the transaction, Partner Rabindra Jhunjhunwala stated, “The acquisition will expand Zensar’s addressable market and growth potential including broadening the solutions Zensar provides to the rapidly growing infrastructure market. This combination will also expand Zensar’s offering of mission-critical solutions to enterprise customers which would strengthen its position in the critical and fast growing infrastructure management and information space. The acquisition will enable Zensar to bid and secure large contracts and enable execution of on-shore projects in the United States and European markets”.
Zensar Technologies is among the top 20 software services providers from India. An RPG Group company, Zensar has more than 5,000 employees with sales and operations presence across US, UK, Germany, Sweden, Finland, Middle East, South Africa, Singapore, Australia, China and Japan.
Akibia, which was founded in 1988, has a revenue of more than $100 million (Rs. 470 crore) and counts companies such as Hewlett-Packard, IBM , Verizon and Goldman Sachs as its customers.
A press release by Zensar states that under the terms of the agreement, Zensar will offer to acquire all of the outstanding stock of Akibia through a merger process with Zensar’s wholly owned US subsidiary.