3i Infotech to sell US billing unit to Cerberus for $137 m

3i Infotech will sell its US-based global billing and payments unit to private equity firm Cerberus Capital Management for $137 million (roughly Rs 616 crore).The unit was formed through the consolidation of two businesses acquired in the last four years.The deal allows 3i Infotech to exit from the sluggish transactions-processing market in the US and reduce its overall debt by about Rs 700 crore.

3i Infotech's global billing unit comprises businesses from the erstwhile Regulus (acquired in April 2008 for $80 million, with the option of an additional, parameter-linked $20-million consideration) and J&B Software (bought for $25.25 million in 2007).