EDB buys stake in SPAN Infotech

Bangalore: Norwegian information technology company EDB, which acquired 50.1 per cent stake in Bangalore based SPAN Infotech, said it would invest $5-6 million to fund the latter's new development centre in Mysore.

The new centre would be operational within a year, the company said. SPAN would focus on large application development and management as well as IT operations projects from the Scandinavian markets, it added.

SPAN said it expects a turnover of Rs 106 crore by 2010, compared with Rs 50 crore last fiscal. It also plans to increase its headcount to 2,000 by 2010 from the present 650. Span said 30 per cent of its revenue would come from Europe. At present, Europe contributes to about 20 per cent of total revenue, while the rest comes from the US.