Mumbai-based IT products and services firm Aftek Infosys Ltd said on Thursday that it has entered into a joint venture with UK-based IT firm in the wireless and mobile area.
"It is a 50-50 JV with the UK firm. They are one of the leading third generation telecom firms," Aftek Infosys chairman and CEO Ranjit Dhuru told reporters in Bangalore.
Without naming the JV partner, Dhuru said a formal announcement would soon be made.
Aftek would leverage on the technology developed by the UK firm, which already has customers in global telecom corporations.
Dhuru said the firm had acquired 49 per cent stake in Arexera Information Technologies GmbH, a German firm with expertise in knowledge management, data compression and content management.
Aftek acquired the stake in Arexera in an all-cash deal for euro 8.86 million and plans to acquire the Munich-based firm in the next three to four years.
"Our business from Europe has increased to 34 per cent of our revenue with the German venture. We hope to increase it substantially. The US business, which was over 85 per cent, has come down to less than 60 per cent," Dhuru said.