Software services firm 3i Infotech Ltd has signed an agreement to acquire US-based Regulus Group LLC for $80 million.The agreement provides for an additional $20 million as earn-outs based on certain performance agreements, it said in a statement. 3i is buying the US company along with its products, trademarks and brands.
Regulus provides remittance and bill processing services. For the year-ending December 2007 the company reported revenue of about $148 million. "The acquisition of Regulus Group is a strategic one and will enable 3i Infotech to strengthen its positioning in the payment processing industry," Managing Director and CEO of 3i, V Srinivasan, said in the statement.
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