IKYA Group acquires Canadian firm Brainhunter

IKYA, which is part of Fairfax Financial Holdings, is held through Thomas Cook India

IKYA Group, part of multinational Fairfax Financial Holdings, held through its Indian-listed subsidiary, Thomas Cook India Ltd, to acquire Brainhunter (Zylog Systems (Canada)) Limited, part of Chennai-based Zylong Systems. Both the companies have not disclosed the deal size.

In a statement IKYA Group today said that it has signed a definitive agreement to acquire Brainhunter (Zylog Systems (Canada)) Limited, subject to statutory and regulatory approvals. The company headquartered in Toronto (Canada), is a leading IT and Engineering professional firm, employing about 700 professionals and with revenues of about $80 milllion.

It may be noted in 2010, IT firm Zylog Systems has acquired Canada-based consulting firm Brainhunter for 35 million Canadian dollars (around Rs 150 crore).

IKYA's statement said that this acquisition would help IKYA position itself as a global IT staffing and Technology solutions group, with a strong footprint in the North American market. Brainhunter services several marquee clients, many of whom are in the Fortune 500 list and in addition counts on a number of Canadian government institutions as its major clients.

Ajit Isaac, chairman and managing director IKYA Group said that Brainhunter is a good brand with a solid management team that will serve as a spring board around which the Group will build our IT staffing business in North America. "The combination of Brainhunter's knowledge and depth in American markets along with IKYA's financial strength and execution capability will enable the creation of a market leading global IT staffing company," he said.

John Mehrmann, CEO, Brainhunter, added that to be a subsidiary of India's largest IT staffing company would give the company access to the largest technology talent pool in the world, an advantage that few companies in Canada have.

The combination of these two companies will create an IT staffing entity with a global presence across North America, Middle East, India & South East Asia employing around 11,000 IT professionals.

Brainhunter will benefit by having a long term, financially strong shareholder since IKYA is part of multinational Fairfax Financial Holdings, held through its Indian listed subsidiary, Thomas Cook India Ltd.