Financial Daily from THE HINDU group of publications
Thursday, Apr 07, 2005

Port Info

Group Sites

Info-Tech - Mergers & Acquisitions

ICICI OneSource buys Rev IT Systems

Our Bureau

Chennai , April 6

ICICI OneSource Ltd on Wednesday said that it has acquired the Chennai-based Rev IT Systems, which offers services to insurance clients in the healthcare space.

RevIT has 1,100 people in its Chennai and Pondy centres. This is the fifth acquisition by ICICI OneSource, following CustomerAsset, FirstRing, Pipal Research and ASG.

Speaking to reporters in Chennai, Mr Ananda Mukerji, MD and CEO, ICICI OneSource, said that typically the company continued with acquired entities as subsidiaries before eventually merging them into the company.

Rev IT's founder and CEO, Mr Raju Venkatraman, would become the president of the acquired entity and a member of the executive management. Mr Venkatraman said, "We are now looking at opportunities in the pharmaceutical and healthcare administration space."

Rev IT's earlier investments came from UTI Venture funds, which put in $2 million, and TDA Capital.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Nokia chooses Chennai — Plans to invest Rs 650 cr in manufacturing facility

Motorola next?
India, Pakistan considering optical fibre cable link
Nokia bullish on Indian mobile market — Pegs handsets growth at 25 million a year
`Has 72% pie of GSM market'
Tata Tele (Maharashtra) reaches 1-million subscriber mark
Innovation must to tap software export potential, says Satyam chief
Terumo Penpol unveils updated version of blood bank software
Polaris, IFMR to offer PG programme in financial technology
TCS systems for Dubai financial exchange
Aztec Software gets Rs 9.15 cr I-T notice
Pinnacle entertainment tool
`.in' domain registrations top 1 lakh
ICICI OneSource buys Rev IT Systems
Sun Micro extends partnership with Trans E-networks
Sierra partners Grand Central
Pramati, SpikeSource in pact
New CEO for Intelligroup
Virinchi inducts new V-P
New HCL Tech President

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line