LG helps Satyam enter Europe with Citisoft acquisition
27 April 2005
Indian IT major acquires specialist UK consulting firm
LG is advising international global IT solutions provider Satyam Computer Services Limited ("Satyam") on its acquisition of Citisoft plc ("Citisoft"), a UK business and systems consulting firm focused on the investment management industry. Consideration for Citisoft comprises a guaranteed payment of $23.2m payable over a 3-year period and an additional performance based payment of up to $15.5m, to be paid over a 3-year period.
The acquisition represents the first in the European market for Satyam, one of India’s leading IT companies which has operations in 46 countries and over 20,000 employees.
Corporate partner Sunil Kakkad, who heads LG's specialist India Group, led the team advising Satyam with assistance from Tim Railton (corporate), Simon Malcolm (employment), and Michael Murphy and Elizabeth Ashby (tax).
Sunil says: "Satyam have paved the way for further expansion in the UK and European market by India’s leading technology businesses and we are delighted that we were able to assist them with their first major overseas acquisition. We expect to see more companies follow their lead."
He adds: "Diversifying into vertical markets is likely to be an increasing feature for the acquisitions strategy for India’s major IT players as they broaden their product offering."
Acting for the Citisoft shareholders was Latham + Watkins with Martin Saywell leading the team.
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Simon Malcolm
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