Upfront

Satyam sells Sify stake for $62 million

Satyam Computer Services has sold its entire stake in Sify by selling 1.11 crore equity shares of Rs 10 each represented by American Depository Shares for $62.62 million to Infinity Capital Ventures LP.

The divestment will enable Satyam to focus on its core business. “I am sure Sify’s management team will continue to scale up Sify’s growth with the active support of the new investor," said Ramalinga Raju, Chairman of Satyam in a release.

“As against an original investment of $5 millon in Sify in 1995, the company has received a total gross consideration of about $117 million till date, making it a highly successful and value-creating investment for shareholders,” the release added. The deal, representing 31.61 percent of Sify’s equity, has been concluded at $5.60 per share to be paid in cash by Infinity, a company controlled by Silicon Valley entrepreneur Raju Vegesna.

Rashi bags Sony award for excellence

At the South East Asia Distributors meet held at Hong Kong on Oct 26, 2005, Rashi Peripherals won the Excellent Performance Award presented by Sony in All Categories for 2004 for the entire South East Asia.

Receiving the award, Suresh Pansari, Managing Director, Rashi Peripherals commented, “Our association with Sony is built on the plinth of trust and support. Together we share and extend the same principles to our channel partners.”

IBM to acquire NetSol

IBM has announced that it plans to acquire Network Solutions (NetSol), a leading infrastructure services company in India. The company will acquire the entire equity capital of NetSol, making it a wholly-owned subsidiary.

The transaction is expected to close within a month. It will enable IBM to increase its networking and managed services portfolio of offerings in India in the area of infrastructure services solutions for the enterprise and mid-market business segment.