NIIT Technologies Acquires Madrid-based Software Firm Proyecta

IT solutions company NIIT Technologies Ltd has acquired Madrid-based software services firm Proyecta Sistemas de Informacion SA for an undisclosed amount, a move that will further boost its European business, according to a company statement to the Bombay Stock Exchange on Tuesday.

This acquisition will enable NIIT to enhance its European footprint by leveraging Proyecta's experience in servicing the industry leaders in travel and financial services segments. Incidentally, NIIT Technologies' Europe, Middle East and Africa (EMEA) operations contribute 35 per cent to its global revenues.

On the BSE, shares of NIIT Technologies closed at Rs 196.25 per scrip on Tuesday, up 2.53 per cent.

Incorporated in 2002, Proyecta is a software services firm headquartered in Madrid (Spain), with more than 100 consultants on board. The company offers IT services in focused areas across tourism, airlines, financial services and banking space. It also enjoys strong relationship with leading industry players in business intelligence, Web and mobility applications.

"We welcome Proyecta to NIIT Technologies as we strengthen our travel and financial services offerings in the region," said Sunil Surya, president, NIIT Technologies (Europe).

"NIIT Technologies' comprehensive offerings would enable us to provide our customers with a wider and deeper range of services," said Francisco Izuzquiza, founder and director of Proyecta.