Corpus acquires Itellix Software

Corpus Inc, a US-based $60 million software services firm focussing on banking and telecom verticals, has acquired Bangalore-based Itellix Software for its domain expertise in the banking and capital markets.

Though the companies declined to specify the quantum of the deal, it is expected that Corpus might have paid around $2 million to acquire Itellix in a cash and stock deal.

Corpus has a development centre in Bangalore with close to 100 people and this is expected to go up to 250 soon. Itellix comes to Corpus' fold with around 20 people with specialised skills and has a topline of just under a million dollars.

Itellix also brings in clients such as Barclays with this deal, helping Corpus to capitalise on Itellix's expertise to expand relationships with clients such as JP Morgan Chase and Deutsche Bank.

Said Sachin Tummala, CEO, Corpus: "We were on the lookout for a company in the capital markets and intellectual property related custom solutions to grow our basket of services that we could offer our clients and found Itellix a suitable candidate."

Added Anil Ahuja, CEO, Itellix: "We are excited about joining forces with Corpus. The merger will provide us access to the Corpus Fortune 50 client base, both in the US as well as the UK, and will accelerate our future growth through working together."