Megasoft picks up 60% stake in beam AG of Germany

Megasoft, an IT services company is acquiring a 60 per cent majority stake in beam AG; a German IT services company with a knowledge of European telecom business. The deal size is estimated to be in the sub 1 million Euro range.

The stake sale is subject to the necessary statutory clearances and will be an all-cash transaction.

Announcing this from Germany, GV Kumar, CEO and MD, Megasoft, said, "This acquisition is an important step for us in line with our business growth strategy, and will give us the base for the expansion of our operations in Europe. beam AG's success in the telecom sector makes them an excellent inorganic growth partner and will give us quick entry into the European telecom market."

Rolf Strehle, CEO, beam AG said, "We are very excited about the wide range of solutions and increased capabilities we will get through Megasoft. Especially important for our customers are the XIUS range of unique telecom products as well as Megasoft's high quality captive development center capability." In the last fiscal, beam AG posted a turnover of 1.4 million Euro.