Corpus, Inc. acquires Itellix Software Solutions Private Limited
Bangalore, 15th March 2006: Corpus Inc., a provider of custom application development and information technology services to Fortune 100 companies in the banking, financial services and telecommunications industries, today announced the acquisition of Itellix Software Solutions Pvt. Ltd, a Bangalore - based software solutions provider.
Corpus, Inc. is a CMMI Level 5 assessed IT solutions provider for business entities. Corpus has worked with the top 15% of recognizable industry names in the arenas of Entertainment, Telecommunications, Financial services, Capital markets and Media and many other Fortune 50 companies.
Itellix, founded in September 2002, focussing on specialized domain specific services in the Banking & Capital markets and also providing proprietary software solutions that help accelerate the adoption of Web services. In addition, Itellix also has a consulting business through which it provides offshore application development services to European Banks such as Barclays, Standard Chartered and Dresdner.
“We were on the look out for a company with expertise in the Capital markets and Intellectual property related custom solutions to grow the basket of services that we could offer our clients and found Itellix to be the best and the most suitable as well,” said Mr. Sachin Tummala, CEO – Corpus, Inc.
"We are excited about joining forces with Corpus Inc. The merger will provide us access to Corpus Fortune 50 client base both in US as well as in UK and will accelerate our future growth by working together," said Mr. Anil Ahuja, CEO - Itellix.
Mr. Anil Ahuja will be the Head – Operations post the merger of the two companies.
"The idea was to bring together organisations that can complement each other's products and services and thereby enhance the offerings to clients and fuel exponential growth," said Mr. Shyam Shenthar, EVP - Avendus Advisors, the sole investment banker for the transaction and have been instrumental in closing over US$ 300 Million deals during the last twelve months.
Avendus Advisors is an Investment Bank specializing in Private Equity Syndication, Cross-Border M&A, Fixed Income and Strategic Advisory services to corporates and funds. The company focuses on industries where Indian companies have a strategic growth advantage, including IT Services, IT Enabled Services, Pharmaceuticals and Healthcare, Automobiles and Automobile Components, Real Estate and Consumer Products and Services.
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The Source
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