Infotech Enterprises moves into Hitech industry

08 September 2008, 11:54am

Hyderabad, September 8, 2008: Infotech Enterprises America Inc., the wholly owned subsidiary of Infotech Enterprises Ltd. (IEL) today announced that it has entered into a definitive agreement with Time To Market Inc. (TTM) to acquire the company and all its affiliates.

IEL is a leader in Engineering Services and is the largest independent offshore provider of these services. Within engineering, IEL has established itself very strongly in many verticals, especially Aerospace and Rail. In order to establish a strong presence in Hitech design services (Semi Conductor, Consumer, Computing, Telecom, Medical and Industrial Automation), IEL evaluated several opportunities and zeroed in on TTM to launch its foray into the Hitech industry.

Established in 1998, TTM is focused on the niche area of backend physical design within ASIC design for several semi conductor manufacturers. Over the last two years, TTM has successfully expanded its services to include front end designs. The ASIC design strengths of TTM complement the existing strengths of IEL in FPGA & board design and embedded software development. The combined entity has the capability to provide end to end design services to semiconductor, telecom & computing industries. The global delivery organization and processes of IEL are a compelling value proposition for TTM's customers to extend the scale and scope of their relationships.

Commenting on the acquisition, Mr. BVR Mohan Reddy, Chairman & Managing Director of IEL said, "Hitech sector is an important growth market for us. We have reviewed a number of strategic options and decided on TTM. The niche and cutting edge technical expertise and the strong customer endorsements and relationships led to our decision in favor of TTM. The work they are doing in the 65 nm design process is very impressive. Combined with our processes and reach, we will be able to leverage this acquisition to create a strong momentum in the Hitech markets. Infotech will pursue other organic and inorganic opportunities to address the whole spectrum of the Hitech Industry."

Mr. Venkata Simhadri, Founder and CEO of TTM said, "We are delighted to be part of the Infotech family. We were very impressed by the clarity of vision and the purposefulness of Mr. Reddy and the Infotech management team. During our discussions over the last few months, we recognized the opportunity to leverage the reach of Infotech to rapidly build a global scale. Our employees are looking forward to this opportunity and our customers have endorsed the merger with Infotech."

www.infotech-enterprises.com

Geo: International