Hemscott.com
India's Sonata Software buys majority stake in Germany's TUI unit for 18 mln eur
BANGALORE, India (XFN-ASIA) - Sonata Software Ltd said it bought a majority stake in German tourism and shipping group TUI AG's technology unit for 18 mln eur.
The all-cash deal gives Bangalore-headquartered Sonata Software a 50.1 pct 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.
The TUI unit reported revenues of 130 mln eur last year.