ICRA unit acquires US-based IT Company

New Jersey based ICRA Techno Analytics Inc, a wholly owned subsidiary of ICRA Techno Analytics Limited operating from Kolkata has acquired 100 per cent stake in Sapphire International Inc, a Delaware Corporation based out of Trumbull, Connecticut, USA. Sapphire- a Microsoft gold partner is in the business of providing IT solutions to government agencies and large corporations in the US market. ICRA, Vice- chairman and group CEO, P.K Choudhary said, "The acquisition is expected to provide strategic synergies to software applications of ICTEAS in diversified field of .net appliactions and busines aplications and solutions. The acquisition will enable ICTEAS to cater to a wider client base in USA." ICRA's stock price surged close to 5 per cent and its last traded price was Rs 455. Sapphire uses the hybrid engagement model which involves an onsite team and low cost offshore development centres based till now in Egypt and Russia. It has an impressive clinet list including Government agencies and large corporations.