NewswireToday - /newswire/ -
Hyderabad, Andhra Pradesh, India, 2007/10/31 - Goldstone Technologies Limited, a leading Hyderabad-based software solutions and IPTV provider, announced today that it was acquiring a majority 51 per cent stake in 4G Informatics [BSE: 531439; NSE: GOLDTECH].
Goldstone Technologies Limited, a leading Hyderabad-based software solutions and IPTV provider, announced today that it was acquiring a majority 51 per cent stake in 4G Informatics, a privately-held firm in Hyderabad specializing in the Biometric Identity solutions, for an undisclosed sum.
With this acquisition, Goldstone Technologies will be getting a firm foothold in the emerging identity solutions market in India.
Goldstone Technologies will be using a combination of cash and stock in Goldstone Technologies, as per the guidelines of the Securities and Exchange Board of India, to fund the majority-stake acquisition.
The cash component would be used to pay part of the consideration to the promoters of 4G Informatics, and to fund the company’s expansion. Dr. Sreeni Tripuraneni, founder and chief executive officer of 4G Informatics, would continue to manage the company along with its team. Goldstone Technologies will be appointing two directors to the board of 4G Informatics.
“What attracted us to 4G Informatics was its domain expertise, association with world leading biometric technology companies and its growing client list in India” says Travis Caddell, managing director of Goldstone Technologies Limited. “With 4G’s portfolio of solutions for Civil ID, Criminal AFIS, Live Scan and Access Control and its large and growing relationships with various organizations in India, working to a Public Private Partnership model, Goldstone Technologies will be broadening its own portfolio,” Mr. Caddell added.
Dr. Sreeni Tripuraneni, founder and CEO of 4G Informatics, said, “ As more and more clients are adding to our portfolio, We were looking for a strategic partner to take our business to the next level and make our presence strong as a leading identity solutions provider. The market for identity solutions, including iris recognition and fingerprint is growing rapidly in the country. We believe Goldstone Technologies, with its robust management and technology focus, is the best partner for 4G Informatics.”
About Goldstone Technologies
Goldstone Technologies Limited (goldstonepower.com) is part of the diversified Goldstone Group of Hyderabad. It is public listed company providing IT Enabled Services. With an established global presence, Goldstone offers Technical Support Outsourcing, Forte Migration and Professional Consulting Services. ISO 9001:2000 certified since 2000, Goldstone counts some of the world’s premier software giants among its clientele. In addition to expanding its IPTV business, the Company has recently diversified into media restoration, colorization and re-colourization. For this, the company has set up a digital media lab and acquired rights to Indian black and white films and is in the process of acquiring rights for more old classics.
About 4G Informatics
Believing in Bringing Tomorrow…Today, 4G leads in development and providing true identification solutions based on biometric technologies for large scale ID applications like Immigration and Border Security, e-Passport, National ID, Voter ID, Beneficiary Identification solutions in Welfare Scheme Distribution, Criminal AFIS & Live Scan Systems and also Physical, Logical Access Control and Time Attendance applications. 4G partnered with world leading biometric technology companies like L1 Identity Solutions/ Iridian Technologies/ Securimetrics Inc and NEC to use their core technologies and developing solutions that meet the specific client needs.