Atos set to complete $3.4bn acquisition of Syntel | Computing Tech
Atos has announced the major acquisition of US-based technology services company Syntel for $3.4bn.
Syntel, which generated close to $1bn of revenue 2017, 89% of which was in the United States, is widely-recognised as having one of the most advanced suites of digital solutions, especially in the areas of cloud, social network, mobile, analytics and IoT.
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Through the acquisition, Atos – which earned nearly €13bn in 2017 alone – will be able to make specific ground in the business verticals of banking and financial services, healthcare, retail, logistics, manufacturing and insurance.
Bharat Desai, co-chairman and co-founder of Syntel, said: “This is a very exciting development for Syntel. The Syntel board is committed to maximizing shareholder value and believes that the agreement with Atos achieves that objective and delivers a win-win proposition to our customers and employees.”
Syntel’s entire management team is expected to move to Atos, with Syntel CEO Rakesh Khanna to take a seat on its Executive Committee. Both boards have unanimously accepted the merger, with the transaction expected to complete by the end of the year.
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