3i Infotech to buy Regulus Group

Mumbai: Software services firm 3i Infotech Ltd said it has signed an agreement to acquire US-based Regulus Group LLC for $80 million.

The agreement provides for an additional $20 million as earn-outs based on certain performance agreements, it said in a statement.

3i is buying the US company along with its products, trademarks and brands, it added.

Regulus provides remittance and bill processing services. For the year-ending December 2007 the company reported revenue of about $148 million.

'The acquisition of Regulus Group is a strategic one and will enable 3i Infotech to strengthen its positioning in the payment processing industry,' Managing Director and CEO of 3i, V. Srinivasan, said in the statement.

Shares in 3i were up 2.9 percent at 123.20 rupees in the Mumbai market.