Electronic Data Systems (EDS), a $21 billion global software services major, has signed a definitive agreement to acquire Bangalore-based software testing firm RelQ Software.According to a statement from EDS, over time, RelQ will be fully integrated into EDS' global testing organisation and will accelerate EDS' global testing capabilities. The transaction is expected to close in May 2007.
RelQ Software is a 700-people strong organisation, with revenues at around $22 million last year. According to industry estimates, the company is expecting to close the fiscal with $30 million in revenues. EDS is understood to have paid around $40 million (around Rs 180 crore) to acquire this firm. No confirmation on this was available from EDS as no financial terms of the transaction were disclosed. UBS advised RelQ on the transaction.
Read more in The Business-Standard article.
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