R Systems buys US co

Software product development company, R Systems International Ltd, has completed the acquisition of US-based technical support company WebConverse, for over $10.7 million (about Rs 49 crore or Rs 490 million).

Last month, the company had signed a definitive agreement to buy the US firm and today informed the Bombay Stock Exchange that it had completed the buyout, following which WebConverse has become a wholly owned subsidiary of R Systems.

"We are pleased to announce the completion of this acquisition and we are very delighted to welcome the employees and clients of WebConverse into the R Systems family," company's CEO Rekhi Singh said.

"The combination strengthens our capability in providing multi-shore technical support services and gives a solid foundation to provide end-to-end solutions and services to the high technology sector," he said.

WebConverse has operations in Salt Lake City, the US and serves the high technology sector with special focus on the growing mobile applications market. It had achieved revenues of $5.1 million in 2005.