Satyam acquires Citisoft

Satyam acquires Citisoft

India's Satyam Computer Services is acquiring Citisoft, a London-based specialist investment management consulting firm, for a maximum consideration of around $39m.

The deal consists of a guaranteed payment of $23.2m and an additional performance based payment of up to $15.5m over a three year period.

Established in 1986, Citisoft says it has a client base of of more than 75% of the top 50 global asset managers. In addition to its London headquarters, Citisoft has offices in Boston and New York.

Following the acquisition, Citisoft will become part of Satyam's financial services business unit.

Commenting on the deal, B Ramalinga Raju, founder and chairman, Satyam, says: "The acquisition is destined to enable Satyam to build a unique position and global footprint in the financial services sector and, we believe, the power of the brand, network and market experience will create precisely the mix we need."

Jonathan Clark, founder and executive director, Citisoft, adds: "We can now offer an unrivalled value proposition that covers everything from full-scale business transformation to back-office support at a great value."

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