Satyam acquires UK''s Nitor Global Solutions Limited; To provide IT services to Reuters with Fujitsu

23 October 2007

Hyderabad: Satyam Computer Services Limited has will acquire a 100-per cent stake in Nitor Global Solutions Limited of the UK, a niche consulting firm providing infrastructure management services (IMS), for up to £2.76 million in an all-cash deal.

The Nitor deal marks the second acquisition in Europe by Satyam, which recorded revenues of $1.46 billion in the fiscal year ended 31 March 2007.

"The acquisition of Nitor is of strategic importance to our business," said Dr. Keshab Panda, head of Satyam European business. "With this acquisition we are confident of achieving rapid growth in our Europe IMS business."

Nitor, which was founded in 2002, posted revenues of $3 million for year ending September 2007. Nitor has expertise in end-to-end solution implementation and program / project management in the IMS. Satyam says the acquisition bring new client relationships with some of the dominant players in the banking, pharma, and telecom and media industry in Europe.

Nick Sharma, Global Head of Satyam''s IMS Business said, "The people at NITOR are seasoned IMS professionals, held in high regard by their Customer community as well as the Alliance community and known for their flawless execution of high end IMS consulting projects. We are confident that their leadership will provide the right impetus for our business in Europe".

"Satyam today serves a very high number of Global Fortune 500 customers in Europe," said Todd Whaley, the managing director, Nitor. "We are confident that we can bring to fore our IMS consulting capabilities to delight these customers and make Satyam''s IMS Business one of the largest and most respected in Europe".