ITC Infotech buys Pyrix Solutions...

IT services company ITC Infotech announced the acquisition of New York-based quality assurance and testing company Pyrix Solutions. While ITC did not specify the deal amount, the enterprise value of Pyrix was said to be around $25 million.

ITC Infotech managing director Sanjiv Puri said that the synergies between the two companies were expected to create opportunities for cross- selling by leveraging existing customer relationships of both Pyxis and ITC Infotech. “It has been an all-cash deal and funded internally,” Puri added.

Pyxis works with investment banking institutions and companies in the banking, financial services and insurance (BFSI) space offering services in quality assurance (QA), ranging from user-interface testing to QA process improvements. ITC Infotech was also present in the BFSI industry and offered testing services among others.

Describing it as a “strategic acquisition”, Suri said, Pyxis brings on board “differentiated capabilities, domain expertise in capital markets, unique testing methodology and an impressive roster of customers” which will compliment ITC Infotech's service offering. It would also further strenghten its presence in US, in addition to building up capabilities.

For Pyxis, the deal would bring the “benefits of scalability, a robust global delivery model, strong offshore base and institutional strengths of being part of a larger group,” to provide better services to our customers, he added.