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CAMO acquires Proteans

Bibhu Ranjan Mishra  |  Chennai/ Bangalore 

Looks for IT services company in India.
Camo ASA, a $21 million Norwegian statistical software and IT consulting firm, has acquired Bangalore-based outsourced product development firm Proteans Software Solutions for $6 million.
Founded in 2003 by four IITians, Proteans' reported a topline of about $6 million for FY07. Proteans will join CAMO's fold with a team of about 225 people located at the four development centres in Bangalore. Proteans is a Microsoft Certified Gold Partner and ISO 9001:2000 certified company.
According to officials, the acquisition was funded through a mix of private equity, convertibles and internal accruals.
Dinesh Poduval, vice president "" global marketing, Camo said, "Proteans has the ability and capacity to deliver products in the area of .NET and other Microsoft platforms. Camo had been looking at filling the gap in these areas which would have taken time to develop."
Camo, a two-decade-old company is listed on the Oslo Stock Exchange. In 2000, the company started its operations in India by acquiring BIT Tech, which was into product development for Camo.
Following this, the company decided to move its product development work to India from Norway. The company serves to over 3,000 customers in areas of banking and finance, pharma, food and beverages, among others. It has a global headcount of about 200 people of which 150 are based out of India.
Post acquisition, the company will have a headcount of 425. Camo is looking at a revenue of $40 million by the end of this fiscal, after the integration of Proteans with it.
Besides, Poduval said they were looking at acquiring a company in the IT services space. The acquisition will happen before December this year and will be in the range of $2 million.

First Published: Tue, August 14 2007. 00:00 IST