NIIT Tech acquires Spanish firm Proyecta Sistemas

NIIT Technologies acquired Spainish software services firm Proyecta Sistemas de Informacion SA for for USD 7 million. “We will end up paying 70% of the revenue (for acquisition) which is USD 7 million,” Arvind Thakur, CEO, NIIT Technologies, said.

He said the company had revenue of USD 10 million in last financial year and has EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of 10%. “From today we will start consolidating revenue of Proyecta with NIIT Technologies,” Thakur added. The acquisition enables NIIT Technologies to enhance its European footprint with Proyecta's experience in travel and financial services segments.

NIIT Technologies' Europe, Middle East and Africa (EMEA) operations contribute 35% to its global revenues. Headquartered in Madrid, Proyecta, with over 100 consultants that industry players in business intelligence, web and mobility applications.Shares of NIIT Technologies closed at Rs 196.25 on 16 August