SOURCE: aurionPro Solutions

Aurionpro

April 04, 2016 05:30 ET

Aurionpro Sells IT Services Business in USA to Saicon, Will Continue to Invest in IP Driven Growth

SAN RAMON, CA--(Marketwired - April 04, 2016) - Aurionpro (NSE: AURIONPRO)(BSE: 532668), a leader accelerating digital innovation, securely and efficiently for global enterprises, today announced the completion of sale of its IT Services business in USA to Saicon Consultants Inc., a leading professional services company effective immediately. This is in line with its strategic direction to accelerate revenue growth of its high-margin core businesses and divest non-core businesses.

Sale of IT Services business unit for USA
The IT services business for USA generated approximately INR 93 crores for the first nine months of fiscal year FY 15-16. The sale price for the business unit concluded by Aurionpro Solutions Inc., a wholly owned US arm of Aurionpro Solutions Ltd., stood at about USD 10 million or INR 66 crores. These include upfront payments, deferred payments and working capital. The proceeds of the sale will be used towards working capital and accelerating debt reduction.

"As we constantly evolve to align to market and client demands, we have built three core businesses that are well positioned for accelerated growth," said Samir Shah, CEO, Aurionpro. "Transitioning ownership of our IT services business to Saicon is clearly a win-win for clients as well as both of our businesses. Saicon has a very good track record in providing professional services and we believe that our IT Services clients will benefit greatly from this deal."

Improving focus on IP Centric Businesses
This deal allows Aurionpro to focus and grow its three core IP centric businesses:

1. Digital Innovation, powered by its Kiosk and Communication products for Banks and Telcos.
2. Enterprise Security, a services practice coupled with IP that enjoys patronage from some of the largest banks and Fortune 500 companies in the US and UK.
3. Industry Solutions for Banking and Logistics, through core domain solutions for Cash Management and Loan Origination in Transaction Banking and cloud based Supply Chain solutions for Logistics.

Having been consistently ranked amongst the top 100 Fintech providers for the last five years, this deal renews its ability to improve focus on providing IP driven domain solutions for banks and financial services companies. 

"Our focus continues to be able to generate long-term value for our stakeholders -- clients, employees and investors. As the world goes increasingly digital, we are well positioned for growth with our core businesses," continued Samir Shah, CEO. "The sale of our IT services business reiterates our intent to pursue high-margin growth. We will look to delivering stable growth through our core businesses."

About Aurionpro:

Aurionpro Solutions (NSE: AURIONPRO)(BSE: 532668) Aurionpro is a global technology solutions leader that helps enterprises accelerate their digital innovation, securely and efficiently. It combines core domain expertise, thought leadership in innovation, security and leverages industry leading IP to deliver tangible business results for global corporations. Employing more than 1,400 domain and technology experts across North America, Asia and Europe, Aurionpro has been consistently recognized amongst the top 100 technology solutions providers for Financial Services companies.

For more information, visit www.aurionpro.com.

Contact Information

  • Contact:
    Sonali Thakur
    Director -- Marketing
    Email contact

    Investors:
    Ninad Kelkar
    Vice President -- Legal & Company Secretary
    Email contact