India's Sonata buys majority stake in Germany TUI tech unit

0 Comments | AFP, September, 2006

BANGALORE, India (AFP) — Indian software firm Sonata says it has bought a majority stake in German tourism and shipping group TUI AG's tech unit for 18 million euros (23 million dollars). The all-cash deal gives Bangalore-headquartered Sonata Software Ltd. a 50.1 percent stake in TUI InfoTec while the rest will be owned by the German parent group, said B.

Ramaswamy, president and managing director of Sonata. "Sonata has 1,700 employees in India while TUI InfoTec has more than 400 professionals. This provides a compelling value proposition for European customers looking for a low risk, cost-effective outsourcing option," he said. Sonata is listed on the Mumbai Stock Exchange while TUI AG is listed on the Frankfurt Stock Exchange. TUI's tech unit reported revenues of 130...