Indian IT services firm 3i Infotech has signed an agreement to acquire J&B Software, a Pennsylvania-based provider of payments processing services to firms in the US and Canada, for $25.25 million.
Founded in 1984, J&B Software provides systems for processing and managing automated electronic payment transactions to over 165 firms. The vendor's product portfolio includes applications for remote image capture, ARC and Check 21/image exchange, wholesale and retail lockbox, full-page forms processing and online customer queries.
India-based 3i Infotech says the acquisition will provide it with a well established customer base of US and Canadian blue chip companies, as well as the ability to offer an expanded set of products and services to its own clients.
The agreement will also bring J&B Software products to the global marketplace, including the rapidly growing Asian markets.
Commenting on the acquisition, V Srinivasan, MD and CEO of 3i Infotech, says: "The acquisition of J&B Software is a strategic one and will enable 3i Infotech to strengthen its positioning in the banking, financial services and insurance segment globally."
The Indian vendor says the acquisition will be EPS accretive.