SAN RAMON, CA--(Marketwired - April 04, 2016) - Aurionpro (
Sale of IT Services business unit for USA
The IT services business for USA generated approximately INR 93 crores for the first nine months of fiscal year FY 15-16. The sale price for the business unit concluded by Aurionpro Solutions Inc., a wholly owned US arm of Aurionpro Solutions Ltd., stood at about USD 10 million or INR 66 crores. These include upfront payments, deferred payments and working capital. The proceeds of the sale will be used towards working capital and accelerating debt reduction.
"As we constantly evolve to align to market and client demands, we have built three core businesses that are well positioned for accelerated growth," said Samir Shah, CEO, Aurionpro. "Transitioning ownership of our IT services business to Saicon is clearly a win-win for clients as well as both of our businesses. Saicon has a very good track record in providing professional services and we believe that our IT Services clients will benefit greatly from this deal."
Improving focus on IP Centric Businesses
This deal allows Aurionpro to focus and grow its three core IP centric businesses:
1. Digital Innovation, powered by its Kiosk and Communication products for Banks and Telcos.
2. Enterprise Security, a services practice coupled with IP that enjoys patronage from some of the largest banks and Fortune 500 companies in the US and UK.
3. Industry Solutions for Banking and Logistics, through core domain solutions for Cash Management and Loan Origination in Transaction Banking and cloud based Supply Chain solutions for Logistics.
Having been consistently ranked amongst the top 100 Fintech providers for the last five years, this deal renews its ability to improve focus on providing IP driven domain solutions for banks and financial services companies.
"Our focus continues to be able to generate long-term value for our stakeholders -- clients, employees and investors. As the world goes increasingly digital, we are well positioned for growth with our core businesses," continued Samir Shah, CEO. "The sale of our IT services business reiterates our intent to pursue high-margin growth. We will look to delivering stable growth through our core businesses."
About Aurionpro:
Aurionpro Solutions (
For more information, visit www.aurionpro.com.
Contact Information:
Contact:
Sonali Thakur
Director -- Marketing