Adea completes acquisition of CVR Consulting
BANGALORE: Adea, a global provider of information technology solutions with regional headquarters in Dallas, U.S., London and Bangalore, has completed a major acquisition in the U.S. and launched operations in China. Adea reported FY 2006 revenues of $200 million, a four-fold growth since the previous year.
Adea Chairman, Abid Abedi, said CVR Consulting, a SAP services provider to the U.S. Government agencies, was acquired for $14 million and helped Adea grow its presence in the public sector. In addition, SAP services will be offered to European clients.
Most of CVR’s senior consultants, familiar with the U.S. Government are likely to be retained.
“After a detailed analysis of the IT market in China, we selected the base there considering the access to a talent pool with low attrition levels. China has some excellent technical schools and delivery centre there is expected to start operations in the second quarter of 2007. We expect a $55-60 million revenues from there and will invest close to $30 million to start with,” said Adea’s CEO, Shouvik Bhattacharya. Together, the expansion would help the company cater to all needs of clients in IT-related services, such as ERP, SAP and Oracle and talent acquisition through a BPO division focused on IT recruiting for client companies.
Mr. Abedi announced that a four-member team from MIT’s Sloan School of Management worked on the global strategy and planning for Adea and the strategy team had students from several countries including India, China, the U.S. and the U.K.