ITC Infotech acquires US co

To attain expertise in testing services, ITC Infotech, the IT services company owned by ITC, has acquired US-based Pyxis Solutions. The deal was an all-cash one, funded by internal accruals. Pyxis offers quality assurance solutions and testing services.
‘‘Pyxis had a revenue of $15 to 20 million last year. And its enterprise value is $25 million, as per our internal assessments,” said Sanjiv Puri, MD of ITC Infotech. “The company services institutions in the banking and finance segment. We will be able to expand our presence further in the US.’’ Puri declined to divulge the amount paid for the acquisition, but experts say it would be around the enterprise value.