Indian Software Solutions Provider Kale Consultants to Sell 35.61% Stake to France Based Accelya Holding World

Online, September 14, 2010 (Newswire.com) - [For Immediate Release]
(Mumbai, September 14, 2010): Indian software solutions firm, Kale Consultants Friday reported that its backers are planning to sell about 35.61% of its stake to Accelya Holding World. The French business process outsourcing firm, Accelya Holding World, went into an agreement with Kale Consultants promoters, Narendra Kale and Vipul Jain, in a deal that will see the French firm acquire the promoters' entire shareholding at a price of 172 Indian rupees for every share, said Kale.

In a statement Kale Consultants issued to the Bombay Stock Exchange, the firm said it had agreed to the offer from the French BPO firm. In a nutshell, the promoters' shareholding totals to 35.61% of the overall share capital of the firm on fully diluted basis, said the firm. Kale further said that the agreement is however still subject to necessary approvals such as the governments and regulatory approvals. Read more about foreign investments in software industry of India, visit http://www.investinindia.com/industry/software.

The acquisition investment will turn the French firm into the biggest global solution provider for back office process related to the airline industry. From Kale's statement to the Stock Exchange, the offer might most likely result in an open offer by the French firm to the Kale Consultants' shareholders. But even so, after the transaction is sealed, Kale Consultants will remain a public listed firm while Vipul Jain will retain his position as the managing director and chief executive officer of the company.

Kale Consultants said both firms, Accelya and Kale, are end-to-end solution providers to the airline and travel industry and as such, Kale will offer its specialist domain knowledge, technology expertise and software products to the partnership. If the deal goes through, the open offer is expected and that might give the transaction an overall value pegged at Rs 100 crore. Currently, the promoters of the Indian firm, Narendra Kale and Vipul Jain hold more than 38% of the firm.

Accelya is BPO service provider for airline industry. It provides services like airline Revenue Recovery services, PCI-DSS compliant card management, marketing and sales analysis, electronic invoicing and travel agent risk management. It is the largest IATA BSP (billing and settlement plan) Data Processing Center worldwide and powers IATA BSPLink.

Kale Consultants provides solutions and services for airline, airports, logistics and the travel industry that includes data analytics, consulting, managed process outsourcing services, software products, platform solutions, and customized technology and hosting services.