TVS Infotech acquires majority stake in Blisslogix Technology

Blisslogix is engaged in IT business providing services such as custom mobile application development; deal valued at nearly Rs 4 cr

TVS Infotech Ltd (TVSi) has acquired 90 per cent stake in Blisslogix Technology Solutions (BTS). In an another development Sundram Fasteners has now acquired majority stake in TVSi.

TVSi has purchased 90 per cent equity stake in BTS for a cash consideration of Rs 3.95 crore.

BTS is engaged in IT business providing services such as custom mobile application development, IT security, data security, enterprise app store and publishing, App analytics and others.

The revenue of BTS in 2014-15 was Rs 3.56 crore as compared to Rs 2.41 crore in 2013-14.

In another announcement Sundram Fasteners Ltd, a TVS Group company, said that it has acquired equity shares of TVS Infotech Ltd (TVSi). The company has acquire 30,50,885 equity shares for a consideration of about Rs 3.05 crore in TVSi, a privately held company and part of TVS Group.

Sundram Fasteners has acquired 54.61 per cent stake in TVSi and the latter now becomes a direct subsidiary of the company. Together with Sundram Fasteners Investments Ltd, it will hold 66.30 per cent equity share capital of TVSi.

TVSi is engaged in IT business providing enterprise solutions for core industries like manufacturing, automotive and distribution. The company reported Rs 27.43 crore revenue in 2014-15 as compared to Rs 26.59 crore in 2013-14.