Accel Frontline Limited (AFL) (NSE: AFL) (BSE 532774) has announced that it has acquired XLNC Infotech Solutions Private Limited (XLNC), a Bangalore based Company specialising in warranty Management Services. AFL has acquired the company as a going concern by acquiring 100 % of the equity . The company will become a 100 % subsidiary of AFL. XLNC had a turnover of Rs 52 million for the year ended March 31, 2008. AFL has signed a share Purchase Agreement dated 22nd May 2008 with XLNC Infotech Solutions Private Limited for the purchase of the entire subscribed and paid -up Equity Share Capital of the said company.
About XLNC Infotech Solutions Private Limited
XLNC Infotech Solutions Private Limited is a Bangalore based Company founded in the year 1995 focusing on Warranty Management Services. They are engaged in providing high end technical repair services and warranty management services for MNC OEMS.
Accel Frontline Ltd. is a joint venture between Accel Ltd. and BT Frontline Ltd. Singapore, a wholly subsidiary of BT plc. The company is engaged in providing comprehensive IT Services for enterprises that include, IT Infrastructure Management, Software Services, Infrastructure Solutions and IT Outsourcing. The company employs 3000 professionals in more than 100 locations in India covering all major cities.
On 18 March 2008, BT Frontline Pte. Ltd., a wholly owned subsidiary of BT Group, acquired additional 9% shares to increase it's holding in Accel Frontline to 51%.
Accel Frontline Ltd. Q4 FY 2008 revenue increases by 91% to Rs.96.41 Cr.
Chennai, April 29th, 2008:
Accel Frontline Ltd., a 51% owned subsidiary of BT, has announced today that its consolidated turnover increased by 91% during the quarter ended 31 March 2008 to reach Rs.96.41 Cr. compared to Rs.50.45 Cr. during the same period in the previous financial year. For the full year, the revenue increased by 47.6% from Rs. 190.18 Crores to Rs. 280.64 Crores. Earnings before Interest, Tax, Depreciation and Amortization increased by 21.65% to Rs. 32 Crores as compared to Rs. 26.37 Crores a year ago.
Highlights for the Performance are:
Particulars
Q4 FY 08
Q4 FY 07
Change %
Annual FY 08
Annual FY 07
Change %
Net Revenue
96.41
50.45
91.1%
280.64
190.18
47.6%
EBITDA
9.20
7.51
22.5%
32.08
26.37
21.65%
The Board, while considering the un-audited results for the quarter, has decided to provide a one time write-off / provision of Rs. 9.77 Crores during the quarter, towards potential bad debts from the total receivables. Excluding the one time non-cash provision, the Annual Profit before Tax increased by 14.8 % to Rs. 20.4 Crores as compared to Rs.17.8 Crores in the previous year. The company declared a Net Profit after Tax of Rs. 8.22 Crores.
Announcing the results, Mr. N. R. Panicker, the Chairman and CEO of the Company said, “ I am pleased with the strong growth momentum in terms of our total revenue and EBITDA. We are currently in the process of restructuring the business to focus more on Enterprise IT Services for selected vertical segments. BT Frontline becoming a majority shareholder in Accel Frontline is a reflection of its confidence in Accel Frontline’s business model and future potential as we embark on our journey for an accelerated growth in the next few years. ”
About Accel Frontline Ltd.:
Accel Frontline Ltd. is a joint venture between Accel Ltd. and BT Frontline Ltd. Singapore, a wholly subsidiary of BT plc. The company is engaged in providing comprehensive IT Services for enterprises that include, IT Infrastructure Management, Software Services, Infrastructure Solutions and IT Outsourcing. The company employs 3000 professionals in more than 100 locations in India covering all major cities.
On 18 March 2008, BT Frontline Pte. Ltd., a wholly owned subsidiary of BT Group, acquired additional 9% shares from Accel Ltd to increase it’s holding to 51%. Accel Frontline Ltd is now a subsidiary of BT plc.
To learn more about Accel Frontline Ltd. please visit www.accelfrontline.in or email info@accelfrontline.in or contact
Investors are cautioned that the above document may contain forward-looking statements that involve risks and uncertainties. The company undertakes no obligation, to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Actual results, performances, or achievements could differ from those expressed or implied in such forward-looking statements.
BT Completes Aquisition of Frontline Technologies Corporation
March 24th 2008
BT announced today that the acquisition of Frontline Technologies Corporation Ltd. has successfully completed and the new company will start operations immediately under the new brand-name of BT Frontline.
BT Frontline provides IT consulting, IT infrastructure services, systems integration and IT outsourcing to local, regional and multinational customers with a strong presence in the financial services, transportation, manufacturing, telecommunications, education, healthcare and public sectors. BT Frontline complements BT’s existing networked IT services and IT solutions capabilities as BT Frontline has an excellent reputation for delivery of complex solutions and network management services within the Asia Pacific region.
With BT Frontline as part of the BT Group, BT is enhancing its transformation into a customer driven, networked IT solutions provider that has the immediate ability to offer a full range of IT solutions across Asia Pacific and around the globe in the 170 countries in which BT operates.
In Asia Pacific BT will conduct business as usual under the BT brand-name. Frontline will operate alongside BT as BT Frontline. By using this co-branding approach BT Frontline will be able to maintain and leverage the regional brand equity and goodwill of the Frontline name.
BT Frontline’s wholly owned operations include undertakings in Singapore, Malaysia and Dalian, China and they will operate with immediate effect under the BT Frontline brand. BT Frontline also has additional significant subsidiaries and associate companies which will continue operating under their existing brand names. These include:
Accel Frontline (India) – a joint venture in which BT Frontline holds 51% and is listed on the Indian National Stock Exchange and the Bombay Stock Exchange; and
MDCL Frontline based in Beijing in which BT Frontline holds a 47% stake;
G-Able Co. Ltd an associated company in Thailand
As part of its strategic partnerships with Sun Microsystems BT Frontline has also set up a number of joint venture companies with Sun Microsystems in the Philippines, Indonesia, and Vietnam.
Allen Ma, president of BT Asia Pacific said, “The people of BT Frontline bring to BT a wealth of new skills and expertise, as well as the necessary scale to rapidly accelerate our business in Asia Pacific. Among the benefits that this combination of talents represents, BT is now able to offer an even stronger capability in IT security services, a more advanced regional infrastructure services capability, greater opportunities for outsourcing and professional services, and an applications development capability with a track record in developing innovative solutions. The BT Frontline business dovetails well with BT Asia Pacific’s offering, through a highly reputable brand, a strong and diverse regional customer base, and a clear and unwavering focus on customers.” Ma continued, “For our MNC customers operating in the region and for regional companies expanding globally, our accelerated move into the IT solutions space will provide a single supplier relationship with a broad portfolio of managed network and IT services in China, India and SE Asia.”
Steve Ting, Chairman of BT Frontline said, “Since founding Frontline in 1993, we have come a long way. As a part of such a successful leading global company, we are now in a position to leverage BT’s portfolio of global networked IT services and deliver our regional solutions offering to a global audience. We see this as a real advantage for both companies’ customers as BT Frontline will bring to BT new major contracts in Asia Pacific and BT will be in a position to offer BT Frontline customers the full suite of BT services.”
BT Frontline brings to BT Asia Pacific approximately 5,000 highly skilled and professional people whose reputation for delivering complex solutions and network management services perfectly complements BT’s strategy. Including BT Frontline’s operations, BT Asia Pacific will now have over 27,000 employees, directly employed or working in joint ventures, in the region. This acquisition significantly increases BT’s talent pool at an important time when BT has strong growth ambitions for the Asia Pacific region. BT has heavily invested in the region over the last three years and expects to continue to grow its operations and better serve customers.
BT announced that it had agreed to acquire Frontline for approximately S$202 million on December 5, 2007. All conditions to the acquisition having been satisfied, the transaction had now been completed.
“Accel Frontline Limited acquires, the Software business of Network Programs-a Noida based Telecom Software Company”
Chennai, January 7th 2008
Accel Frontline Limited – AFL - announced to-day, that it has entered into a definitive agreement to acquire the business of Network Programs India Limited – NPI, in India and Japan effective from 1st January 2008.
NPI, a ten-year-old software solutions and services company based in NOIDA, near New Delhi, belonging to Jubilant Group, focuses exclusively on telecommunications and network solutions business. Its customers include two large corporations in Japan and one telecommunication service provider based in Australia. NPI has deep domain expertise in network management and OSS (operations systems and services) solutions for the telecom industry. It’s software IPRs include solutions for call center and for network management. This is a strategic acquisition for Accel Frontline. The telecommunication expertise of NPI will augment the capabilities of AFL”s Enterprise IT Services and help it in the fast growing telecom market place in India. The Japanese and Australian customer relationships will help AFL to get a foothold in these markets .The software product IPRs, particularly the network management solution will help AFL significantly expand its service offerings and provide the capability to offer fully integrated outsourced infrastructure services to its existing customer base as well as help in acquiring new customers.
N R Panickar, Chairman, AFL, talking about the acquisition said, “Over the past years, Accel has made strategic acquisitions to solidify its presence in the Indian market and provide an impetus for growth. The NPI acquisition will mark a new beginning – it will give us the core capability to significantly enhance our service offerings in the telecom vertical. In addition, it gives the critical customer base to build our expansion in the overseas market.”
About Accel Frontline Ltd.
Accel Frontline Ltd. is a joint venture company between the Chennai based Accel Ltd. and Singapore based Frontline Technologies Corporation Ltd. The company is engaged in providing comprehensive IT Services for enterprises that include, IT Infrastructure Management, Software Services, Infrastructure Solutions and IT Outsourcing. It has a track record of 16 years of growth and it employs over 2800 professionals operating from 100 locations. The company came out with its IPO in October 2006 and is listed on the National Stock Exchange of India and the Bombay Stock Exchange. For the half year ended September 30th of the current financial year, the company had a consolidated turnover of Rs.115 Crores with a Profit After Tax of Rs.7.2 Crores.
Frontline Technology Corporation Limited (FTC), recently announced that the company is being acquired by British Telecom, through a scheme of arrangement, to be completed shortly. It has also been announced that Accel Ltd, one of the two promoters besides FTC will sell 9% of their equity to FTC, post completion of the scheme of arrangement in Singapore.
