Aurionpro Solutions has completed the sale of its IT Services business in USA to Saicon Consultants Inc, a leading professional services company effective immediately. This is in line with its strategic direction to accelerate revenue growth of its high-margin core businesses and divest non-core businesses.
The IT services business for USA generated approximately Rs 93 crore for the first nine months of fiscal year FY 15-16. The sale price for the business unit concluded by Aurionpro Solutions Inc, a wholly owned US subsidiary of Aurionpro Solutions stood at about USD 10 million or Rs 66 crore. These include upfront payments, deferred payments. The proceeds of the sale will be used towards working capital and accelerating debt reduction.
Aurionpro Solutions is a publicly traded technology company providing software products and expert level consulting services to an extensive global customer base. The company provides valuable operational and technical experience in helping banks provide new and innovative products to their customers.