3i Infotech acquires J&B Software

3i Infotech Ltd, on October 15, 2007 has announced that it has signed an agreement to acquire J&B Software Inc., USA and its subsidiaries. J&B Software Inc. is engaged in the business of providing software products and services relating to remittance processing in the United States with blue chip customers. The Company is a profitable Company with revenues of about USD 25 million. The Company would pay a consideration of USD 25.25 million at the closing of the transaction. The acquisition will be EPS accretive.

J&B Software Inc. has robust and highly scalable software products for payment processing. The acquisition of J&B Software Inc. is a strategic move for Company as it would enable penetration into the blue chip BFSI customer base in the US and enable taking J&B's payment processing solutions to global markets, including high growth Asian markets. The acquisition will also provide the Company significant cross selling opportunities.

Commenting on the acquisition, Mr. V. Srinivasan, Managing Director and CEO of the Company said, "The acquisition of J&B Software Inc. is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally".

Mr. Bala Balasubramanian, Chairman and CEO, J&B Software said, "We believe that through this partnership we will be able to take J&B Software solution offerings globally".

Mr. Robert Bartlett, President and COO, J&E3 Software said, "We are excited about this partnership, which will enhance our strength, both in USA and in other markets".