Accel Frontline’s (AFL) board of directors have approved the merger of Accel Frontline Services (AFSL) with the company in light of the company’s objective to create a significant presence in IT service space using synergies of the companies .
AFSL is in the business for more than 18 years. The company offers Warranty Management Solutions for IT Products and mobile devices; Manufacturing, selling and servicing of High end Automation products, Payment Collection Solutions, Multi-Function Kiosks and Power Conditioning Systems. Further, the merger is subject to necessary approvals by the shareholders of both companies and other statutory authorities.
The board also decided to acquire 100% stake in Accel IT Resources (AITRL). AITRL is in the business of training for the past 18 years. The company offers training in IT Infrastructure management, embedded systems and networking.
AFSL and AITRL are wholly owned subsidiaries of Accel, which is the main promoter and the major shareholder of AFL. The valuation exercise comprising swap ratio for the merger of AFSL with AFL and valuation of the shares for acquisition of AITRL was carried out by KPMG India.
