TietoEnator acquires Fortuna Technologies

NEW DELHI, INDIA: TietoEnator has signed an agreement to acquire Fortuna Technologies Pvt. Ltd in India, for approximately EUR 21 million.

The acquisition supports TietoEnator Telecom and Media's strategy to build qualified competence for telecom R&D and provides an excellent complement to its current customer base and services portfolio, TietoEnator said in a statement.

Ari Vanhanen, president of TietoEnator Telecom and Media, said, "The combined efforts of TietoEnator and Fortuna will make an even stronger platform for further growth together with our key customers. Additionally, Fortuna gives us an excellent platform for future growth in India and other parts of Asia and is a strategic addition to our global delivery model."

TC Ashok, founder and president of Fortuna Technologies, said, "This enables us to take our business global and expand our reach to TietoEnator's customer base. Fortuna has established itself as a strategic partner to key platform vendors and manufacturers, with around 300 experts under one roof capable of delivering complete 3G software for mobile devices. Together with TietoEnator we will now have a world leading portfolio of services and software solutions."

TietoEnator has approximately 300 employees and provides R&D services and develops turnkey software solutions for major European and Asian mobile device manufacturers of 3G handsets.

Fortuna was originally founded in 1996 by its current owners, and since 2004 has focused on R&D for mobile devices. The company is based in the city of Hyderabad.