Software services firm Netkraft on Thursday said it is being acquired by the privately held business process and technology consulting company, the United States-based Adea Solutions, in an all-cash deal.
The Bangalore-based Netkraft builds and implements software solutions to the retail and distribution, healthcare and life science markets
The $130 million Adea has a strong presence in the telecom market.
Anand Sudarshan, CEO, Netkraft, told reporters in Bangalore that Netkraft would eventually become a fully owned subsidiary of Adea but declined to disclose the value of the deal.
Adea Solutions is buying the holdings of JumpStartUp, Actis and Draper, who are investors in Netkraft, as well as those of other shareholders.
The acquisition is subject to regulatory and other approvals, which is expected to be completed by July 2004.
Netkraft, which made a turnaround in 2003-2004 when it became a profit-making company, has raised $8.5 million since its inception, he said.
The six-year-old Netkraft with a workforce of 350 is a leading domain focussed company and aims to grow as a leader in the retail and distribution, healthcare and life sciences markets in the United States and Europe, a company statement said.
Adea Solutions, founded in 1996 by its chairman and CEO Abid H Abedi, is rated as one of the fastest growing privately held companies in the US by Inc.500 magazine, it said.
Doug Ortega, president of Adea Solutions, said their firm employs more than 1,300 people and has a development centre in Hyderabad with a headcount of about 30.
