US based Adea buys Netkraft

 






BANGALORE: Bangalore-based software company Netkraft has agreed to a $130 million acquisition deal by Dallas-based Adea Solutions. This acquisition is subject to regulatory and other approvals, is expected to be completed by July 2004. 



Adea will be buying the holdings of JumpStartUp, Actis (formerly CDC Capital Partners) and Draper, who are investors in Netkraft, as well as those of other shareholders. The India-incorporated Netkraft will continue its focus unchanged under the Adea Solutions umbrella. 






Netkraft builds and implements software solutions, and offers software life-cycle services to the retail and distribution, and healthcare and life sciences markets in the US and Europe.






According to company sources Netkraft CEO, Anand Sudarshan will be taking over the additional responsibility as Adea Solutions international president. H.Narayanswamy, currently Netkraft’s CFO, will now take on the additional responsibility of CFO, International of Adea Solutions. The rest of the management team at Netkraft and the current organization structure remain undisturbed. 






"In a new relationship such as this, apart from strategic and financial focus, a strong effort must be in place for cultural integration. By leaving the operating structures untouched, we will be allowing time for the people of both the organizations to understand and work better together," said Sudarshan. 






He further added, "On the business side, we believe Netkraft and Adea Solutions formed the perfect fit for each other. To Adea Solutions’ strengths in the US, Netkraft brings its strong domain orientation and European focus. This coming together of Netkraft and Adea Solutions spells an exciting opportunity for growth and market leadership." 






Adea Solutions, was founded in 1996 by its Chairman and CEO, Abid H Abedi. Adea Solutions is one of the fastest growing, privately held companies in the US according to Inc.500 magazine. Over the last few years, it has, through a string of impressive alliances with leading players like AT&T, BEA, Microsoft and Cognos, built a robust delivery model in the telecom space.





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