Finnish firm to acquire Fortuna Tech, Hyderabad

Finland-based IT services provider TietoEnator Corp will acquire Hyderabad-based software services firm Fortuna Technologies for an estimated Euro 21 million (about Rs 118 crore).

The firm has signed an agreement with Fortuna Technologies and the transaction is expected to close by September 17, a statement by TietoEnator said.

Founded in 1996, Fortuna Technologies has around 300 employees and provides R&D services and develops turnkey software solutions for major European and Asian mobile device manufacturers of 3G handsets.

"Fortuna has established itself as a strategic partner to key platform vendors and manufacturers, with around 300 experts under one roof capable of delivering complete 3G software for mobile devices. Together with TietoEnator we will now have a world leading portfolio of services and software solutions," TC Ashok, founder & president, Fortuna said.

The impact on the Finnish firm's net sales for 2008 is expected to be about Euro 11 million (about Rs 58 crore).

"Fortuna gives us an excellent platform for future growth in India and other parts of Asia and is a strategic addition to our global delivery model," Ari Vanhanen, president (telecom & media), TietoEnator said.

TietoEnator's business area telecom and media has a broad service portfolio that covers R&D services, consulting, IT system development and integration for the telecom and media industry. It currently employs over 5,700 experts in 15 countries.