Cybernet buys U.K. firm's division

By Our Staff Reporter

CHENNAI, JUNE 13. Cybernet Software System (CSS) has acquired the professional services division of U.K.-based Systems Initiatives (SI). SI is an advanced business partner to Lotus and IBM, specialising in providing integrated enterprise-wide computing solutions. The acquisition is part of the CSS's strategic plan to enhance its share in the European market.

At a press conference here today, Mr. Shivkumar, Vice President for CSS (India), said the acquisition was through a combination of 25 per cent cash and 75 per cent of stock. There was a strong demand for quality skills in data integration and Internet applications. There was also an opportunity to implement the ``OOO'' model for services with the offshore component being dominant.

Mr. Shivkumar said the current business revenues were about $ 1.5 million and were expected to go up by $2 million in 2000 and $ 6 million in 2001. The acquisition would enable them to focus on large offshore development programmes.

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Section  : Business
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