Accel to leverage on Fujitsu acquisition

BANGALORE: Accel Ltd., the holding company of all the Accel group companies, has signed a deal to acquire the systems and services division of Fujitsu ICIM Ltd. for Rs 12.25 crore, and additional liabilities of about Rs 12 crores. After the acquisition, Accel plans to become one of the country's largest IT services provider.

According to Accel Ltd. Chairman N.R. Panicker, the newly created Accel ICIM Systems and Services Ltd. would become an infrastructure resource planning (IRP) solution provider by cutting down the total cost of ownership of IT infrastructure for clients. Accel Ltd., which is into software and telecom products, will evolve as a major applications software development company in the near future, according to Mr Panicker.

With the acquisition of Fujitsu ICIM's division, the Accel group will clock a turnover of Rs 150 crore during the current year. Between January and September, 1999, the Fujitsu ICIM services division had generated a revenue of about Rs 23.5 crore.