The Hindu : Infosys acquires U.S. banking unit

Online edition of India's National Newspaper
Friday, Jun 21, 2002

Business

Business

Infosys acquires U.S. banking unit

MUMBAI JUNE 20. The Bangalore-headquartered IT company Infosys Technologies has bought the Trade IQ product division of IQ Financial Systems Inc, a Deutsche Bank-owned outfit, in a $3.9 million all cash deal.

The deal would help the IT company provide end-to-end solutions to the retail, corporate and wholesale banking segment at the global level, Infosys banking business unit head, Girish Vaidya, told newspersons here today.

Infosys had scanned three-four business units and then zeroed in on Trade IQ, Mr. Vaidya said, adding "we have acquired five clients including a largest commercial and investment bank in the U.S. and America as part of agreement.''

Infosys would also acquire products, all assets and trained and skilled manpower (28), domain expertise and ready-to-operate offices in London and Tokyo, he added.

The products acquired from IQ Financial Systems include, Trade IQ — an Integrated Treasury System, Limits IQ — Limits Management System and Desktop Risk IQ. The products would be marketed under the brand name Finacle-Treasury, Associate vice president, Merwin Fernandes, said.

Infosys' banking unit reported over 120 per cent jump in revenues at Rs. 103 crores for the year ended March 31, 2002 as against Rs. 46.50 crores in the previous year, Mr. Fernandes said.

At present, domestic and global business contributed 50 per cent each to the revenues but the share of Indian business was declining. — PTI

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