3i Infotech acquires 51% in US-based IT firm
3i Infotech said it has signed an agreement to acquire 51 per cent stake in US-based IT firm Professional Access for USD 12 million.
Professional Access specialises in providing software solutions to banking and financial as well as retail sectors, and has 500 people on its payroll.
"The acquisition is a strategic one for 3i and will enhance our offshore business capabiltes," 3i Infotech MD and CEO, V Srinivasan told reporters here.
3i also reserves the right to acquire the balance 49 per cent stake over a period of three years, he added.
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