MandA 640x360 24Sep2015

Sterlite Technologies Acquires EliteCore

Sterlite Technologies Limited has entered into a definitive agreement for the acquisition of Elitecore Technologies Private Limited , a global telecom software product company.

Elitecore is a leading provider of OSS/BSS and was established in 1999 by highly experienced software technocrats with over 20 years of experience. Today, it is ranked among one of the leading product-centric IT companies from India that has a global customer base.

Over the last few years, Elitecore has made significant inroads in both Indian and global telecom operators and has expanded its geographic footprint to include South East Asia, Middle East & Africa and lately Eastern Europe and Latin America. Elitecore is a profitable niche player with FY 15 revenues of Rs147cr and EBITDA of Rs16cr and is cash positive on a net debt basis. The company has been continuously profitable for the last 7 years and the financial performance would continue to improve given the strategic decision to build its service capabilities and focus on investing in right growth product categories.

Commenting on the transaction, Pravin Agarwal, Vice Chairman, Sterlite Technologies Ltd., said, “The transaction follows our strategy to undertake attractive M&A opportunities in the entire telecom value chain. Elitecore has had an excellent performance record, with its management and employees having a wealth of experience and expertise in developing solutions for telecom companies. The acquisition is a lever for Sterlite to create new inflections in the telecom arena that are in line with Sterlite’s long-term goals of being an integrated telecom solution provider.”

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