Axon Infotech completes 50% stake acquisition of Quasar Innovations

Axon Infotech Ltd has announced that the Company has formally completed the acquisition of 51% stake in Bangalore based M/s. Quasar Innovations Pvt Ltd.

For acquiring the said stake the Company has mobilized funds through unsecured loans and invested the same for the purpose of acquisition of 51% stake. M/s. Firstcall India Equity Advisors Pvt Ltd has organized the funds for the Company for acquiring 51% stake.

Hitherto, the Board of Directors have authorized Mr. Ramakrishna Dutt, Director of the Company to complete the process for acquiring 51% stake for enabling the Company to announce formally M/s. Quasar Innovations Pvt Ltd as its subsidiary.

Bangalore based Quasar provides OEN & Network operators with device engineering from concept to finish. Quasar works in applications to create flawless, high performance terminal devices with shortened time to market and robust components.

Quasar's focus is untethered wireless devices, based on its years of experience with wireless telecom (GSM / GPRS / IXRTT, CDMA 2000, UMTS), wireless networking (802.11 a, b and c [WiFi]) and short range wireless (Bluetooth, IR) domains. The Company is currently involved in building a range of cutting-edge GPRS handsets for Fortune 1000 Company's acknowledged widely as among the world's fastest growing telecommunications service providers.

Quasar specializes in creating high performance, user-friendly terminals ranging from cellular phones, PDAs, tablet PCs, Internet Appliances, Portable audio and video players, function specific kiosks and just about any fixed, portable or wearable appliance.

Quasar possesses the necessary sensitivity to aesthetics as well as the industrial and mechanical design skills to provide with a device that can garner top-of-the-mind awareness, and high marketplace visibility. Quasar has consolidated 500 man-years of experience over its 200 employees in areas such as custom circuitry, embedded systems and application software, telecom and networking protocols, device-critical components, operating systems, hardware platform, radio frequency design, digital hardware design, verification, validation, testing and certification.

The Company's resource pool is headed by engineers who have handled product design, definition and development at the world's top phone manufacturers, including MOTOROLA, QUALCOMM AND KYOCERA. Quasar has equipped itself to design and build flawless products.

Rich expertise in the wireless design and development area not only contributes to its project management expertise, but also provides its customer's the choice to license specific IP such as Quasar's SyncML synchronization software and Bluetooth profiles. Quasar's unique 'Virtual ODM' model offers a one stop solution for its customer's looking to engineer robust, cuffing edge, purpose-specific devices with minimum rollout time, and quick engineering turnaround against subsequent releases.

Now with the formalization of investments in Quasar, the Company is expected to have the advantage of TELECOM Solutions operations in its fold.

The Company has appointed recently Mr. SATISH KUMAR MANOCHA as the Director on the board.