3i Infotech acquires SDG Software Technologies

Mumbai-based 3i Infotech Limited has announced that the company has acquired SDG Software Technologies, a Hyderabad-based software products company.

SDG Software Technologies is a profitable company with annual revenues of approximately Rs 10 crore. The company has products for the banking industry and capital markets with a focus on surveillance and fraud management.

The acquired product list includes BankAlert, an anti-money laundering (AML) software application, and AWACS (Advance Warning And Control System), a surveillance engine designed to protect the integrity of the capital market from fraud, manipulation and abusive practices.

In addition to these products, SDG also offers products and solutions catering to the capital markets. It has 125 employees and customers in Philippines, Singapore, Middle East, India and UK.

Speaking to Business Standard, Amar Chintopanth, chief financial officer of 3i Infotech Limited, said that the companies have signed a confidentiality agreement due to which they will not be able to reveal the financial details regarding the acquisition. He, however, added that all the employees of SDG Software will be retained.

Commenting on the acquisition, V Srinivasan, managing director and chief executive officer of 3i Infotech, said, "We believe that the AML product "� BankAlert "� will fill a gap in our banking product space which in turn will help us further penetrate the banking industry. The scope of BFSI has widened, incorporating not just banking but other areas like capital markets that are likely to exhibit good growth. With the addition of SDG's solutions to the capital market, our offerings in the BFSI space will increase."

3i Infotech has around 2,300 employees and more than 450 clients.