Mumbai: Finland-based IT services provider Tietoenator Corp will acquire Indian software services firm Fortuna Technologies Pvt Ltd for an estimated €21 million (about Rs118 crore).

Tietoenator has entered into an agreement with Hyderabad-based Fortuna Technologies and the transaction is expected to close by September 17, the Finnish company said in a statement.

Fortuna Technologies, founded in 1996, has around 300 employees and provides R&D services and turnkey software solutions to major European and Asian mobile device manufacturers of 3G handsets.

"Fortuna has established itself as a strategic partner to key platform vendors and manufacturers, with around 300 experts under one roof capable of delivering complete 3G software for mobile devices.

Together with Tietoenator we will now have a world leading portfolio of services and software solutions," Fortuna founder and president TC Ashok said in the statement.

The acquisition is expected to increase the Finnish firm''s net sales for 2008 to be about 11 million euros (Rs58 crore).

"Fortuna gives us an excellent platform for future growth in India and other parts of Asia and is a strategic addition to our global delivery model," Tietoenator president (Telecom and Media) Ari Vanhanen said.

Tietoenator currently employs over 5,700 experts in 15 countries. The company caters to telecom and media businesses and has a broad service portfolio that covers R&D services, consulting, IT system development and integration for the telecom and media industry.

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