"The company's board has already given approval for the deal and it is likely to be closed today," a company official told PTI.
The Dubai firm, valued at 27.5 million dirhams (Rs 31 crore) provides mobile and wireless services.
"Initially, Zylog will pick up 60 per cent stake in the company and the rest later," Zylog Finance Controller S P Srihari said.
On the funding part, Srihari said the company had earmarked Rs 40 crore for the acquisitions.
More From This Section
"The proceeds of an initial share sale through which the firm had raised Rs 126 crore would be used for the acquisitions," he added.
Through this firm, which the official declined to name, Zylog would get into the Middle-East market for outsourcing. He also declined to divulge further details on this deal.
Zylog is also close to acquiring a Singapore-based firm, which supplies software to aircraft maintain-repair-overhaul facilities, he said.