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Bangalore-based information technology company Mphasis BFL Ltd will acquire Onida Infotech Services, a division of MIRC Electronics Ltd, for Rs 3 crore (Rs 30 million) in an all cash deal.
Mumbai-based Onida Infotech Services, with annual revenues of nearly Rs 4 crore (Rs 40 million), operates in areas of SAP implementation, maintenance and support activities and currently employs 80 persons, Mphasis said in a release in Mumbai on Thursday.
Commenting on the acquisition, Mphasis chairman and chief executive Jerry Rao said: "We are excited about the acquisition as it reaffirms our stated strategy of acquiring and partnering with niche players for competitive advantage."