Aztec Software and Technology Services Ltd has acquired Disha Technologies (India) Pvt Ltd, a Pune-based software testing player, for $12.1 million in a stock-cum-cash deal.
The Rs 416-million Aztec paid $9.6 million in cash and offered stock valued at $2.5 million for Disha, which has among its customers, Microsoft and Hewlett Packard.
Disha, an independent software product testing firm, with about 400 employees in Hyderabad and Pune, registered revenues of $7.8 million between September 2003 and August end, besides having $2 million in cash on its balance sheet.
Share prices of the Bangalore-based Aztech zoomed 17 per cent over Rs 45.80 on close on Friday, after the deal.
"Disha will enable us to deliver unique value to software product companies," Aztec Managing Director V Chandrasekaran told reporters said.
Disha, which has professionals from Microsoft, he said, would operate as an independent testing company, offering sophisticated methodologies in test strategy, planning, test consulting, test automation and execution.
Chandrasekaran said Aztec may look at firms with domain expertise like Telecom for acquiring in future, but ruled out a move in the near term.
"The offshore software product testing market is growing at a rapid pace and we want to be segment leaders," Disha CEO Samir Bodas said.