BANGALORE: Software services exporter, MphasiS group said it planned to acquire Chinese software developer Navion, as it aims to get a foothold in the giant neighbor’s economy. MphasiS said it would acquire Navion (Shanghai) Software Development Co. Ltd., which has about 80 employees, but did not disclose financial details.
Industry peers of MphasiS like Infosys Technologies and Wipro are yet to start operations in China, while TCS and Satyam have already setup shops in China.
"We are excited about the opportunities which China provides as an information technology services destination and the centre will help us serve this market better," Jerry Rao, chairman and chief executive officer at MphasiS said in a statement.
Navion is part of the Capital One Group and does software development for Capital One, it said. Bangalore-based MphasiS group comprises the mid-sized listed Mphasis BFL Ltd and other subsidiary firms. Shares of MphasiS were down 1.33 percent at 543.0 in noon trade at the BSE while the broader index fell 0.77 percent.
© Reuters
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