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aurionPro Solutions to acquire US-based SENA

BS Reporter  |  New Delhi 

aurionPro Solutions, the banking software and consulting company, has entered into an agreement to acquire SENA Systems, the identity and access management consulting organisation headquartered in Metro Park, New Jersey.
SENA, which has an offshore delivery centre in Pune, provides a full spectrum of services to implement and integrate identity and access management (I&AM) solutions, catering to the security needs of the BFSI sector. It has a staff of more than 80 people in the US and India.
This acquisition will help aurionPro expand its customer base and strengthen support capability in the North American region. The company did not disclose how much the acquisition would cost.
aurionPro also informed the Bombay Stock Exchange that it planned to raise Rs 150 crore through a preferential allotment to promoters and strategic investors. The funds will be used to expand product and service offerings across Europe and the US.
The deal is subject to the approval of shareholders and necessary regulatory approvals after reaching definitive agreement for stock purchase and management contracts. The process is expected to be completed in about 45 to 60 days.
"There is a great cross-selling opportunity within existing customers of SENA and aurionPro. SENA has an excellent client portfolio and team with deep domain knowledge in the BFSI sector and with large banks as customers in the American market," said Amit Sheth, managing director,
"This acquisition will expand our customer base significantly and also strengthen our support capability in the North American market. It will also help us expand our customer offerings significantly in Asia, besides expanding our footprint to the Japanese market."
SENA would provide aurionPro access to large US banks for its electronic payment system and also help in expanding its operations, mainly in Asia and Europe.
There also exists a great synergy in integrating SENA's offshore capabilities with aurionPro to derive strong cost benefits and to ramp up SENA's offshore capabilities quickly.
Commenting on the fund-raising plans, Sheth said aurionPro was growing aggressively and had ambitious plans to capture the market leadership position in Asia and to expand its products and services offerings across Europe and the US.
Funds will be raised to repay loans, expand delivery capabilities and finance further acquisitions and joint ventures.

First Published: Tue, March 04 2008. 00:00 IST