3i Infotech To Acquire J&B Software Inc.

3i Infotech, a global provider of IT Solutions, today announced that it has signed an agreement to acquire J&B Software Inc., USA and its subsidiaries. J&B Software Inc 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 has a revenues of about USD 25 million. 3i Infotech would pay a consideration of US $ 25.25 million at the closing of the transaction. The acquisition will be EPS accretive.

J&B Software Inc. has robust and highly scalable software products for payment processing. The acquisition of J&B Software Inc. is a strategic move for 3i Infotech as it would enable penetration into the blue chip BFSI customer base in the US and enable taking J&B's payment processing solutions to global markets, including high growth Asian markets. The acquisition will also provide 3i Infotech significant cross selling opportunities.

Commenting on the acquisition, V Srinivasan, Managing Director and CEO, 3i Infotech said, "The acquisition of J&B Software Inc. 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".

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