3i Infotech Ltd., an Indian software services company, said Tuesday it has acquired the US-based Innovative Business Solutions Inc. for $3.6 million as part of its overseas expansion strategy.
Set up in 1994, the niche IT consulting services firm Innovative Business Solutions is a profitable company with annual revenues of $7.2 million, said a 3i Infotech statement issued here.
The US-based company, which has some 75 employees, provides services in growth segments like enterprise application integration, business intelligence and IT security, added the statement.
"We believe the acquisition brings in lot of value to our organisation by augmenting our geographic reach and customer base in the US," said V. Srinivasan, managing director and CEO of 3i Infotech.