Financial Daily from THE HINDU group of publications
Thursday, Apr 07, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 07, 2005 |
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Info-Tech
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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.
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