The landmark deal, at an estimated value of US $10 million over a three-year period, represents the Middle East’s largest software house acquisition, as well as marking the largest investment yet by an Indian company in the Middle East’s growing IT market.
“Insyst has established itself as a key player in the Middle East, African and Indian business software markets, and this acquisition brings new vigour to the company’s aggressive growth and expansion plans,” Hari Padmanabhan, President and CEO, Insyst Technologies (MEA) Ltd.
The acquisition, will allow ICICI Infotech to leverage Insyst’s highly comprehensive, locally developed portfolio of solutions for Enterprise Resource Planning and Insurance management. The move also provides ICICI Infotech with access to Insyst’s extensive reseller and service provider partner network. The combination of the two companies will see ICICI position itself to offer the industry’s most complete set of financial IT products and services for both businesses and consumers, with a commitment to serving customers with open systems and architectures. ICICI Infotech currently has a joint venture with the Emirates Financial Services group, in the name of Tricolour Infotech also based out of Dubai Internet City.
“ICICI Infotech is a unique, young and dynamic IT organisation that is focused on attaining a position of global leadership, Insyst’s products will now become a key component of this strategy for rapid growth in the regional and global marketplace,” said V. Srinivasan, ICICI Infotech Managing Director & Chief Executive Officer. “The acquisition will enable us to provide a comprehensive range of solutions for Enterprise Resource Planning, besides being able to complement our ongoing initiatives in the field of Insurance,” he added.
For Insyst’s current customers, business partners and associates, the deal will provide continuity and renewed financial strength behind the company’s stable of recognised and innovative business solutions. The acquisition will see Insyst continue to operate under its current name of Insyst Technologies in the Middle East & Africa as well as continuing to market, support and develop its core ORION, PREMIA & MERLIN product lines. The deal will almost immediately result in an expansion of Insyst’s software development, service, marketing and customer support staff.
“This will significantly enhance our ability to invest in product development and use technology more effectively in raising our levels of service to our large existing customer base and to new customers. Insyst will additionally bring to them a wide range of IT services that ICICI Infotech now provides to its global customers,” said Padmanabhan. “We will continue on our ambitious performance and growth targets and with the significantly enhanced financial strength brought by ICICI, we will raise our quality and service bar, bringing our customers greater benefits and more cost effective solutions,” he added.
Insyst’s operations are headquartered in Dubai Internet City and Insyst was one of the first companies to take advantage of the benefits that could be gained from the Dubai Internet City development and its strategic position at the center of the regions IT hub.
Insyst was set up in 1986 by Mr. Hari Padmanabhan, a non-resident Indian technocrat with extensive experience in designing, developing and marketing Information Technology Systems solutions in India and the Middle East. Since its inception, Insyst has expanded its operations in the global market with a range of Oracle based enterprise wide product in the area of ERP, viz. ‘ORION and MERLIN’ and later into the Insurance industry with the launch of ‘PREMIA’, catering to other life and non-life business. Insyst has provided world class information systems to over 600 customers spread across the UAE, Oman, Bahrain, Saudi Arabia, Qatar, Kuwait, India, Kenya and the USA, and now holds over 40% market share in the regions Insurance industry.
Monday, November 5- 2001 @ 15:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.