Accel Frontline plan to acquire Ushus Technologies

Acquisition was subject to the approval by shareholders of AccelTransmatic Ltd.

IT services company Accel Frontline has proposed to acquire Ushus Technologies,the software services division of Accel Transmatic Ltd. As part of the proposal,the Chennai-based company has entered into memorandum of understanding with AccelTransmatic Ltd,a company statement said.

However,the statement said the acquisition was subject to the approval by the shareholders of AccelTransmatic Ltd. This acquisition will help Accel Frontline Ltd to grow its technology services business globally,Accel Frontline Ltd Chairman and CEO N R Panicker said.

Ushus Technologies,headquartered in Thiruvananthpuram,specialises in embedded software for imaging,multimedia and networking domains.

It employs over 300 software professionals in its offshore development centres in Thiruvananthapuram and Kochi. It also has a presence in US and Japan. Last year,the company reported turnover Rs 19.97 Crore,the statement added.

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