Hyderabad:
Hyderabad-based software solutions and IPTV provider, Goldstone Technologies Limited,
is acquiring a majority 51-per cent stake in 4G Informatics, a privately-held
firm in Hyderabad specialising in the biometric identity solutions, for an undisclosed
sum. With this
acquisition, Goldstone Technologies will enter the emerging identity solutions
market in India. Goldstone
Technologies will offer a combination of cash and its own stock to fund the acquisition,
as per Securities and Exchange Board of India guidelines. The
cash component would be used to pay part of the consideration to the promoters
of 4G Informatics, and to fund the company''s expansion. 4G
partnered with world leading biometric technology companies like L1 Identity Solutions/
Iridian Technologies/ Securimetrics Inc and NEC to use their core technologies
and developing solutions that meet specific client needs. It
leads in development and providing true identification solutions based on biometric
technologies for large scale ID applications like immigration and border security,
e-passport, national ID, voter ID, beneficiary identification solutions in welfare
scheme distribution, criminal AFIS and live scan systems and also physical, logical
access control and time attendance applications. Dr
Sreeni Tripuraneni, founder and chief executive officer of 4G Informatics, would
continue to manage the company along with its existing team. Goldstone Technologies
will be appointing two directors to the board of 4G Informatics. "What
attracted us to 4G Informatics was its domain expertise, association with world
leading biometric technology companies and its growing client list in India"
says Travis Caddell, managing director of Goldstone Technologies Limited. "With
4G''s portfolio of solutions for Civil ID, Criminal AFIS, Live Scan and Access
Control and its large and growing relationships with various organizations in
India, working to a Public Private Partnership model, Goldstone Technologies will
be broadening its own portfolio," Mr. Caddell added. "
As more and more clients are adding to our portfolio, we were looking for a strategic
partner to take our business to the next level and make our presence strong as
a leading identity solutions provider," said Dr Tripuraneni. "The market
for identity solutions, including iris recognition and fingerprint is growing
rapidly in the country. We believe Goldstone Technologies, with its robust management
and technology focus is the best partner for 4G Informatics." ISO
9001:2000 certified since 2000, the public listed Goldstone Technologies Limited
is part of the diversified Goldstone Group of Hyderabad and provides IT enabled
Services. With an established global presence, Goldstone offers technical support
outsourcing, forte migration and professional consulting services and counts some
of the world''s premier software giants among its clientele.
In
addition to expanding its IPTV business, the company has recently diversified
into media restoration, colorisation and re-colourisation, for which it has set
up a digital media lab and acquired rights to Indian black and white films and
is in the process of acquiring rights for more old classics.
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