3i Infotech buys US firm for $25.25mn

3i Infotech has signed an agreement to acquire J&B Software, US and its subsidiaries.

According to a release issued by 3i Infotech to the BSE today, 3i Infotech would pay a consideration of $25.25 million at the closing of the transaction. The acquisition will be EPS accretive.

J&B Software is engaged in the business of providing software products and services relating to remittance processing in the United States with blue chip customers. The company is a profitable company with revenues of about $25 million.

Commenting on the acquisition, V Srinivasan, managing director and CEO of 3i Infotech said, "The acquisition of J&B Software is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally".

Bala Balasubramanian, chairman and CEO, J&B Software said, "We believe that through this partnership we will be able to take J&B Software solution offerings globally".

Robert Bartlett, president and COO, J&E3 Software said, "We are excited about this partnership, which will enhance our strength, both in US and in other markets".