Mid-sized software services firm Zensar Technologies today said it has acquired Professional Access, which provides retail e-commerce solutions, for an undisclosed amount.
New York-headquartered Professional Access works with many large and mid-sized retailers in the US, UK, Latin America, Middle East and Africa to build and implement their e-commerce strategies.
"The two companies have entered into a definitive agreement for Zensar to acquire PA. Under the terms of the Agreement, PA will now be a wholly-owned subsidiary of Zensar Technologies. The deal will be financed by a combination of internal accruals and debt," Zensar said in a statement.
With revenues of over USD 38 million, PA is one of the largest Oracle ATG and Endeca partners in the world, the Pune- headquartered firm added.
This acquisition furthers Zensar's mission to strengthen position in the fast growing Oracle e-commerce space by combining Zensar's Oracle EBS, Oracle Retail and Fusion Middleware solutions for global clients, the firm said.
"PA's market leadership in Oracle e-commerce space and its strong management team is strategic to Zensar's plan to increase its market share in the high growth e-commerce space specifically and the MRD segment in general," Zensar Technologies Chairman Harsh Goenka said.
Zensar, an RPG Group company, Vice Chairman and Managing Director Ganesh Natarajan said the firm's track record with large Oracle deployments for Retail and Manufacturing clients will be significantly enhanced by the retail commerce credentials of PA.
PA's founders Babu Venkatesh and Ashu Chahal will continue to manage the firm. Their management team and all their associates based in Bengaluru, Mumbai and Delhi-NCR will become a part of Zensar's Global Delivery organisation, the RPG Group firm said.
The financial advisors for this transaction were ICICI Securities and legal advisors were Nishith Desai Associates in India and Stahl Cowen Crowley Addis LLC in the US, it added.