ITC INFOTECH ACQUIRES PYXIS SOLUTIONS
 Bangalore, Delhi, Mumbai, Hyderabad

IT services company ITC Infotech on Tuesday said it has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance (QA) solutions and testing services. The deal has been closed at $25 million, ITC Infotech MD Sanjiv Puri told reporters here today. "It has been an all-cash deal and funded internally", he said.     

Pyxis offers a full spectrum of services in software quality assurance (QA) ranging from user-interface testing to QA process improvements, including QA management and consulting, quantitative analysis testing and data validation testing.

Describing it as a "strategic acquisition", Suri said, Pyxis brings on board "differentiated capabilities, domain expertise in capital markets, unique testing methodology and an impressive roster of customers" which will compliment ITC Infotech`s service offering. It would also further strengthen its presence in US, in addition to building up capabilities.

For Pyxis, the deal would bring the "benefits of scalability, a robust global delivery model, strong offshore base and institutional strengths of being part of a larger group," to provide better services to our customers, he added.

The synergies between the two companies are expected to create large opportunities for cross selling by leveraging existing customer relationship of both Pyxis and ITC Infotech. and help enlarging the geographic reach of services offered and create new opportunities for diversified offerings.

Pyxis would continue to work under its founders and would be a subsidiary of ITC Infotech (USA), he said. The deal was in line with company`s vision of actively seeking synergistic partnerships around key industry verticals, solution areas and focus technologies. ITC Infotech is a wholly-owned subsidiary of ITC Ltd.

http://economictimes.indiatimes.com/Infotech/ITeS/ITC_Infotech_acquires_Pyxis_Solutions/articleshow/3381468.cms

ITC Infotech acquires US firm
 Bangalore, Delhi, Mumbai, Pune, Hyderabad

IT services provider ITC Infotech India Ltd, a fully owned subsidiary of ITC Ltd, said on Tuesday it had acquired Pyxis Solutions, a US-based company offering quality assurance solutions and testing services. The enterprise value of Pyxis Solutions is $25 million, said Mr Sanjiv Puri, Managing Director, ITC Infotech. He said it was an all cash deal, and has been funded
internally.

“Pyxis Solutions brings on board differentiated capabilities and expertise which compliment our service offerings,” Mr Puri said. Pyxis has become a wholly-owned subsidiary of ITC Infotech (USA) Inc, he added.

Domain expertise

Pyxis offers software quality assurance to the banking, financial services and insurance segment. It has deep domain expertise and unique testing methodologies that would benefit ITC Infotech, Mr Puri said.The acquisition will also help ITC Infotech to cross-sell its existing services to Pyxis’s customers, he added. Mr Amar Duggal, Chief Executive, Pyxis Solutions, said they can now bring on board the benefits of scalability, a robust global delivery model and strong offshore base.

The global testing market is valued at $13 billion, of which about 50 per cent is outsourced, said Mr Puri. He said the benefits of the acquisition would be seen in the next few months.The employee strength in ITC Infotech would increase to 3,300 after acquisition from 3,000, it said. The company had revenue of about Rs 400 crore in fiscal 2008. .

http://www.thehindubusinessline.com/2008/08/20/stories/2008082052060400.htm

ITC INFOTECH ACQUIRES PYXIS SOLUTIONS
Business Standard
Bangalore, Mumbai, Hyderabad

IT services company ITC Infotech on Tuesday said it has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance (QA) solutions and testing services. The deal has been closed at $25 million, ITC Infotech MD Sanjiv Puri told reporters here today. "It has been an all-cash deal and funded internally", he said.     

Pyxis offers a full spectrum of services in software quality assurance (QA) ranging from user-interface testing to QA process improvements, including QA management and consulting, quantitative analysis testing and data validation testing.

Describing it as a "strategic acquisition", Suri said, Pyxis brings on board "differentiated capabilities, domain expertise in capital markets, unique testing methodology and an impressive roster of customers" which will compliment ITC Infotech`s service offering. It would also further strengthen its presence in US, in addition to building up capabilities.

For Pyxis, the deal would bring the "benefits of scalability, a robust global delivery model, strong offshore base and institutional strengths of being part of a larger group," to provide better services to our customers, he added.

The synergies between the two companies are expected to create large opportunities for cross selling by leveraging existing customer relationship of both Pyxis and ITC Infotech. and help enlarging the geographic reach of services offered and create new opportunities for diversified offerings.

Pyxis would continue to work under its founders and would be a subsidiary of ITC Infotech (USA), he said. The deal was in line with company`s vision of actively seeking synergistic partnerships around key industry verticals, solution areas and focus technologies. ITC Infotech is a wholly-owned subsidiary of ITC Ltd.

http://www.business-standard.com/india/storypage.php?tp=on&autono=44903

ITC Infotech buys Pyrix Solutions
The Financial Express
Bangalore, Delhi, Mumbai, Pune, Hyderabad

IT services company ITC Infotech announced the acquisition of New York-based quality assurance and testing company Pyrix Solutions. While ITC did not specify the deal amount, the enterprise value of Pyrix was said to be around $25 million.

ITC Infotech managing director Sanjiv Puri said that the synergies between the two companies were expected to create opportunities for cross- selling by leveraging existing customer relationships of both Pyxis and ITC Infotech. “It has been an all-cash deal and funded internally,” Puri added.

Pyxis works with investment banking institutions and companies in the banking, financial services and insurance (BFSI) space offering services in quality assurance (QA), ranging from user-interface testing to QA process improvements. ITC Infotech was also present in the BFSI industry and offered testing services among others.

Describing it as a “strategic acquisition”, Suri said, Pyxis brings on board “differentiated capabilities, domain expertise in capital markets, unique testing methodology and an impressive roster of customers” which will compliment ITC Infotech`s service offering. It would also further strenghten its presence in US, in addition to building up capabilities. For Pyxis, the deal would bring the “benefits of scalability, a robust global delivery model, strong offshore base and institutional strengths of being part of a larger group,” to provide better services to our customers, he added.

http://www.financialexpress.com/news/ITC-Infotech-buys-PyrixSolutions/350983/

ITC Infotechacquires US firm for $25 million
Bangalore, Mumbai,Hyderabad

TC Infotech, the fully owned IT services company of ITC, has announced its first ever acquisition. The $100 million IT firm on Tuesday said it would acquire US based Pyxis Solutions, a niche player offering quality assurance (QA) solutions and testing services, for an enterprise valuation of $25 million. ITC Infotech will buy 100 per cent equity in Pyxis, via an all cash deal. The company said the deal is being funded through internal accruals. Pyxis has revenues of $20 million and has financial clients like Goldman Sachs and Lehman Brothers.

ITC Infotech is a strong player in the banking, finance and insurance (BFSI) space and that vertical alone contributes 35 per cent of the company`s revenues. It is this synergy in the financial sector that has brought the two companies together, said Sanjiv Puri, managing director of ITC Infotech. "Pyxis Solutions brings on board differentiated capabilities and expertise which compliment our service offerings. Their impressive roster of customers will further strengthen our presence in the US," Puri said.

ITC Infotech has traditionally focused on verticals such as BFSI, consumer product and retail, manufacturing and engineering, travel, hospitality and transportation and media and entertainment. Sunil Gupta, vice-president (BFSI practice) of the company told Financial Chronicle that Pyxis would add great muscle to ITC Infotech`s BFSI practice. "We see the business doing better with them in the US." Sanjiv Puri said Pyxis enjoyed deep domain expertise in capital markets and testing (especially quantitative testing). "It`s a great fit for us," he said.

The two companies are hoping to leverage the deal by creating large opportunities for cross selling by utilizing their existing customer relationships. Amar Duggal, CEO, Pyxis Solutions, said, "With this deal we can now bring on board the benefits of scalability, strong offshore base and institutional strengths of being part of a larger group."

http://www.mydigitalfc.com/my-stocks/itc-infotech-acquires-us-firm-25-million?view=fullpage

ITC Infotech buys Pyxis Solutions for $25 mn
Bangalore,Delhi, Mumbai, Pune

The buy-out, funded through internal accruals, will also give access to some of the banking, financial services and insurance firms

ITC Infotech India Ltd, the software unit of cigarette maker ITC Ltd has acquired US-based testing solutions company Pyxis Solutions LLC for over $25 million (Rs 108 crore) in an all cash deal. New York-based Pyxis, with over 100 employees and revenue of $15-20 million, would become the subsidiary of ITC Infotech Inc, the US-based outfit of ITC Infotech.

"The acquisition enhances our capabilities in areas such as software testing, quality assurance and consulting, besides strengthening our presence in the US,” said Sanjiv Puri, managing director, ITC Infotech. The buy-out, funded through internal accruals, will also give access to some of the banking, financial services and insurance firms such as Citibank, AIG, Deutsche Bank and Merril Lynch.

ITC Infotech earns about a third of its over Rs400 crore revenue from customers in banking and financial services sector, while it also offers services to travel, hospitality and transportation sectors. About a tenth of ITC Infotech’s 3,000 employees are in the testing domain. http://www.livemint.com/2008/08/19162222/ITC-Infotech-buys-Pyxis-Soluti.html

http://timesofindia.indiatimes.com/Business/India_Business/ITC_Infotech_acquires_US_co/articleshow/3382268.cms

ITC tech buys
Deccan Chronicle
Bangalore, Hyderabad

Mid-tier IT services firm ITC Infotech announced the acquisition of New York-based software testing company Pyxis Solutions for an undisclosed sum. The deal, financed through internal funds, is said to be an all-cash affair. The enterprise value of Pyxis was disclosed to be $25 million while it has a revenue run rate between $15 million and $20 million.

The Rs 400-crore ITC Infotech already has a testing business that grew at about 40 per cent last year. However, it was looking at niche areas for sustainable competitive advantage as well as differentiated capabilities. Pyxis has a domain expertise in capital markets with exposure in derivatives, options, fixed income, wealth management, and equities among others.

The firm says the buy would strengthen its value proposition to exiting clients; it would also get an opportunity to cross sell services to Pyxis` customers, the who`s who of Wall Street. Besides domain expertise, the purchase adds "superior methodologies, as well as a strong quantitative testing practice". From Pyxis’ perspective, the acquisition should aid the firm leverage the global delivery model, besides giving it scale to go after bigger deals.

Software testing has emerged as a hot area in the M&A landscape as services companies seek to plug capability gaps. Earlier during the year, MindTree acquired Aztecsoft, an outsourced product development firm that also has a substantial testing practice.  The market for independent validation services is estimated to be a high growth area — consensus estimates peg the market at around $13 billion currently; about half of that is outsourced. It is growing faster than the overall IT services market at about 35-40 per cent every year.

Part of the interest in this service line is because of competitive and regulatory pressures customers face.The process of independent verification helps provide better quality of software and when executed across the development lifecycle, can identify defects before its late, thus optimising the software development time as well.

ITC, 31.7-per cent owned by British American Tobacco Plc, has interests in technology outsourcing, retail and packaging, and is expanding a range of foods and personal care products to cut its dependence on cigarettes.

http://www.deccan.com/business/business.asp

ITC Infotech acquires Pyxis
Bangalore Mirror
Bangalore

IT services company ITC Infotech on Tuesday said it has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance (QA) solutions and testing services. The deal has been closed at $25 million, ITC Infotech MD Sanjiv Puri told reporters here today. "It has been an all-cash deal and funded internally", he said.

Pyxis offers a full spectrum of services in software quality assurance (QA) ranging from user-interface testing to QA process improvements, including QA management and consulting, quantitative analysis testing and data validation testing.

Describing it as a "strategic acquisition", Suri said, Pyxis brings on board "differentiated capabilities, domain expertise in capital markets, unique testing methodology and an impressive roster of customers" which will compliment ITC Infotech`s service offering. It would also further strengthen its presence in US, in addition to building up capabilities.

For Pyxis, the deal would bring the "benefits of scalability, a robust global delivery model, strong offshore base and institutional strengths of being part of a larger group," to provide better services to our customers, he added.

The synergies between the two companies are expected to create large opportunities for cross selling by leveraging existing customer relationship of both Pyxis and ITC Infotech. and help enlarging the geographic reach of services offered and create new opportunities for diversified offerings.

Pyxis would continue to work under its founders and would be a subsidiary of ITC Infotech (USA), he said. The deal was in line with company`s vision of actively seeking synergistic partnerships around key industry verticals, solution areas and focus technologies. ITC Infotech is a wholly-owned subsidiary of ITC Ltd.

http://www.bangaloremirror.com/index.aspx?Page=article&sectname=News%20%20Business&sectid=13&contentid=2008081920080819194743575117e6555

ITC Infotech buys U.S. firm
Bangalore, Delhi, Hyderabad

ITC Infotech, subsidiary of ITC, has acquired New York City based Pyxis Solutions, engaged in software quality assurance and testing services, in an all cash deal for $25 million. Pyxis has technical staff of 100.

Its centres in Bangalore and other cities employ 3,000 persons and the customer base covers North America and Europe.

"This acquisition places us geographically closer to a large client base and gives both cross-selling opportunities,” ITC Infotech Managing Director Sanjiv Puri told reporters here.

http://www.hindu.com/2008/08/20/stories/2008082052871600.htm

ITC Infotech ACQUIRES Pyxis
Bangalore,Delhi, Mumbai, Pune, Hyderabad

ITC Infotech, a global IT services company and fully owned subsidiary of ITC Limited, has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance (QA) solutions and testing services. The deal has been closed at $25 million, Sanjiv Puri, managing director, ITC Infotech, told reporters here on Tuesday.

ITC tech arm buys US firm for $25 mln
Bangalore

ITC Ltd, India`s top cigarette firm, said on Tuesday its information technology arm had acquired U.S-based technology company Pyxis Solutions for about $25 million to boost growth. ITC Infotech provides software and back-office outsourcing services to clients in industries from banking through to entertainment and it said the Pyxis buy would boost its activities in the United States.

"It adds to our capabilities and we would be able to leverage this to get new business, acquire new customers and also grow engagements with existing customers," Sanjiv Puri, managing director of ITC Infotech, told Reuters in a phone interview. Pyxis, which has about 100 staff, provides information technology solutions to banking, financial services and insurance companies in the United States to improve quality, save costs and boost data security.

"We certainly expect it to help us accelerate growth," Puri said, without giving details. "Their impressive roster of customers will further strengthen our presence in the U.S." Indian software services firms are increasingly looking to acquire firms in overseas markets to diversify international presence and acquire new customers and technology skills. ITC, 31.7-percent owned by British American Tobacco Plc, has interests in technology outsourcing, retail and packaging, and is expanding a range of foods and personal care products to cut its dependence on cigarettes.

Shares in ITC, which has a market value of $16.5 billion, ended 2 percent down at 183.75 rupees in a weak Mumbai market.

http://www.dailypioneer.com/indexn12.asp?main_variable=FLASH&file_name=cap7.txt&counter_img=7

ITC subsidiary buys US firm
Calcutta

ITC Infotech, a global IT services company and a fully owned subsidiary of ITC Ltd, has acquired Pyxis Solutions, a US-based niche player offering quality assurance solutions and testing services, for $25 million.

It has been an all-cash deal and funded internally,” ITC Infotech managing director Sanjiv Puri told reporters in Bangalore. Pyxis CEO Amar Duggal said, “We are excited about ITC Infotech and Pyxis Solutions coming together.”

Pyxis offers services in software quality assurance (QA) ranging from user-interface testing to QA process improvements. Pyxis COO Greg Brener said, “Our unique Pyxis testing methodology combined with the scalability of ITC Infotech will provide a compelling offering.”

http://www.telegraphindia.com/1080820/jsp/business/story_9715619.jsp

ITC Infotech buys Pyxis
Bangalore, Delhi

ITC Infotech, a global IT services company and fully owned subsidiary of ITC Limited, has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance (QA) solutions and testing services. The deal has been closed at $25 million, Sanjiv Puri, managing director, ITC Infotech, told reporters here on Tuesday.

http://www.tribuneindia.com/2008/20080820/biz.htm#10

ITC Infotech Buys Pyxis Solutions for $25 Million (Update1)

By Harichandan Arakali and Saikat Chatterjee

Aug. 19 (Bloomberg) -- ITC Infotech India Ltd., a unit of ITC Ltd., acquired Pyxis Solutions LLC, a New York-based software testing company, for $25 million in cash.

Pyxis, which has 100 employees and tests software used by clients such as Merrill Lynch & Co., will have sales of $20 million this year compared with $15 million in 2007, Sanjiv Puri, managing director of ITC Infotech, told reporters in Bangalore.

To contact the reporters on this story: Harichandan Arakali in Bangalore at harakali@bloomberg.net; Saikat Chatterjee in New Delhi at schatterjee4@bloomberg.net.

Last Updated: August 19, 2008 06:32 EDT

Link:http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aeEpYJ1AWp7Q

India`s ITC tech arm buys US firm for $25 mln

BANGALORE, Aug 19 (Reuters) - ITC Ltd (ITC.BO: Quote, Profile, Research, Stock Buzz), India`s top cigarette firm, said on Tuesday its information technology arm had acquired U.S-based technology company Pyxis Solutions for about $25 million to boost growth.

ITC Infotech provides software and back-office outsourcing services to clients in industries from banking through to entertainment and it said the Pyxis buy would boost its activities in the United States.

It adds to our capabilities and we would be able to leverage this to get new business, acquire new customers also grow engagements with existing customers," Sanjiv Puri, managing director of ITC Infotech, told Reuters in a phone interview.

Pyxis, which has about 100 staff, provides information technology solutions to banking, financial services and insurance companies in the United States to improve quality, save costs and boost data security.

We certainly expect it to help us accelerate growth," Puri said, without giving details. "Their impressive roster of customers will further strengthen our presence in the U.S.

Indian software services firms are increasingly looking to acquire firms in overseas markets to diversify international presence and acquire new customers and technology skills.

ITC, 31.7-percent owned by British American Tobacco Plc (BATS.L: Quote, Profile, Research, Stock Buzz), has interests in technology outsourcing, retail and packaging, and is expanding a range of foods and personal care products to cut its dependence on cigarettes.

Shares in ITC, which has a market value of $16.5 billion, ended 2 percent down at 183.75 rupees in a weak Mumbai market. ($1=43.6 rupees) (Reporting by Sumeet Chatterjee; Editing by Charlotte Cooper)

Link:http://www.reuters.com/article/marketsNews/idUSBOM21821620080819

ITC Infotech arm acquires Pyxis Solutions

ITC Ltd has announced that the Company have been advised by ITC Infotech India Ltd (`I3L`, a wholly-owned subsidiary of the Company), vide their letter dated August 18, 2008, that ITC Infotech (USA), Inc. (`I2A`, a wholly- owned subsidiary of I3L) have acquired the entire Membership Interest of Pyxis Solutions, LLC (`Pyxis`), a New York limited liability Company, on August 11, 2008.

The Board of Directors of I2A at its meeting held on August 18, 2008 have taken on record that consequent to the aforesaid acquisition Pyxis became a wholly-owned subsidiary of I2A. Accordingly, Pyxis also became a wholly-owned subsidiary of the Company.

The ITC stock was trading at Rs.186.05, down by Rs.1.55 or 0.83%. The stock hit an intraday high of Rs.188 and low of Rs.184.30.

The total traded quantity was 170609 compared to 2 week average of 705396.

Source: Equity Bulls

http://www.equitybulls.com/admin/news2006/news_det.asp?id=37287

India`s ITC Infotech`s unit buys U.S.-based Pyxis Solutions

MUMBAI (Thomson Financial) - India`s ITC Ltd. said ITC Infotech India Ltd`s U.S.-based wholly-owned unit ITC Infotech (USA), Inc. has acquired Pyxis Solutions, Llc., a New York limited liability company.

Financial details of the deal were not disclosed.

Accordingly, Pyxis has also become a wholly-owned unit of the company, ITC said in a filing with Bombay Stock Exchange

http://www.forbes.com/afxnewslimited/feeds/afx/2008/08/19/afx5335478.html