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05.10.2011
24.09.2011
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Press Release
 News 2011
Accel Frontline Limited To Acquire Ushus Technologies
  • Enters Into MoU With Accel Transmatic Limited.
  • Acquisition subject to approval by ATL shareholders.
  • Acquisition to strengthen AFL’s International IT Services offerings

Chennai, August 09, 2011: Accel Frontline Limited (BSE: 532774, NSE: AFL), a leading IT Services Company, today announced that it had entered into a Memorandum of Understanding (MoU) with Accel Transmatic Limited to acquire Ushus Technologies, the software services division of Accel Transmatic Limited. The acquisition is subject to approval by Accel Transmatic Limited shareholders.

N R Panicker, Chairman and CEO, Accel Frontline Limited said, "This acquisition is in line with our strategy to strengthen Accel Frontline Limited’s IT services portfolio with value added offshore software services. Ushus Technologies is a fast growing Embedded Software Services provider with Fortune 100 companies in its client list. This strategic acquisition will help Accel Frontline Limited to grow its technology services business globally in the coming years and give a fillip to overseas business."

Ushus Technologies, a division of Accel Transmatic Limited, founded in 2000, is headquartered in Technopark, Thiruvananthpuram, and is a 100% export oriented software services company, specializing in embedded software for Imaging, Multimedia and Networking domains. It employs over 300 software professionals in its offshore development centers in Technopark Thiruvananthapuram and Infopark SEZ in Kochi. It also has its international offices in California and Tokyo. Ushus Technologies clocked a turnover Rs 19.97 Crore for the financial year ending March 31, 2011 and is expected grow by over 40% in the current year.

Commenting on this development, Mr Philip John, President of Ushus Technologies said "We are indeed happy to be part of Accel Frontline Limited as we see a big opportunity to grow our business many fold in the coming years. Being a part of a larger corporate entity, we will have the financial strength to scale up our infrastructure and resources. We will also use cross sell opportunities with the existing clients of Accel Frontline Limited in the international market."

Accel Frontline Limited’s consolidated revenues for FY11 stood at Rs 396 Crore and Profit after tax were Rs 10.24 Crore compared to a turnover of Rs 271.5 Crore and profit after tax of of Rs 5.96 Crore in the previous financial year and is aiming to grow faster in the coming years.

 

 

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