In yet another buyout of a city-based company, the US software development company Symphony Teleca on Thursday announced an agreement to acquire Aditi Technologies, a cloud-based application developer, for an unspecified amount.
The combined team includes 7,500 employees spread across 40 global offices. Aditi Technologies was founded by former Microsoft executive Pradeep Singh and has over 6,000 employees dealing with clients like Deutsche Bank, Ford Motors, McDonalds and others. The deal is reportedly worth `450-480 crore, but there was no confirmation from both companies.
Regulatory approvals for the deal are still pending before the transaction can be closed. "The acquisition creates a unique force that will help today's businesses drive their growth agendas and improve business agility by harnessing the power of analytics, modern applications and smart devices," said Symphony Teleca President Sanjay Dhawan.