Global leader and U.S.-based technology services provider CSC on Wednesday announced the acquisition of testing solutions major AppLabs Technologies for an undisclosed sum.
At a press conference here, founder and Executive Chairman of AppLabs Sashi Reddi said the break-up of the acquisition comprised 50 per cent of the stake from WestBridge, 40 per cent from the promoters (primarily himself) and 10 per cent from employees.
At present, AppLabs has a head count of about 2,500, including 1,900 at its swank new facility here and 250 each in the U.S. and the U.K. For CSC, a company with 93,000 employees and a reported revenue of $16.2 billion for the 12 months ended July 1, 2011, this is the second acquisition within two weeks of its buying up Baltimore-based Maricom Systems that is in the business intelligence and data management solutions space. CSC President and Managing Director Brian Manning said the acquisition was in tune with the company's expansion programmes.
20 per cent growth
Asked about CSC's growth, he said thus far they had managed to grow at 15 per cent year-on-year and that by the end of the current fiscal, CSC was eyeing a growth of 20 per cent. CSC has a major presence as of now in Noida, Chennai and in Hyderabad too.
PTI reports:
Though both companies have not disclosed the financials of the deal, sources said Applabs was valued above $300 million.
