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Megasoft picks 60% in German IT firm

Chennai-based Megasoft is to acquire 60 per cent stake in euro 1.4 million german IT services company - Beam AG - in an all cash deal. The company, however, did not disclose the deal size.

The acquisition of the German firm, which is subject to the necessary statutory clearances, would give Megasoft a base for expansion of its operations in Europe. Megasoft, a product-based technology company, has operations in the US, UK, Singapore, Malaysia and Germany, in addition to the Indian operations in Chennai and a telecom research and development centre in Hyderabad. Founded in 1992 at ULM, Germany, Beam AG provides high-quality consulting and project management services for automotive, telecommunication and production industries all over Germany.