ideacts launches internet media platform      
July 03, 2008
Source:  PTI

NEW DELHI: Internet media company ideacts innovations on Wednesday announced the launch of an internet platform 'Clink' targeted at cyber cafes. 

Internet platform is an active desktop application that provides entertainment, information and other utilities to the users, ideacts said in a release today. 

The company also said that it has received its first round of funding of 5 million dollars from Sequoia Capital. 

With cyber cafe market growing at 8 per cent annually, the company aims to bring value to this trade by adding alternative revenue streams and subsiding technology products for a healthier internet infrastructure in the country, the release added.

NIIT's ROOM Solutions Wins award at ACORD LOMA forum    
July 03, 2008
SOURCE: PTI

NEW DELHI: Room Solutions, subsidiary of NIIT technologies, that supply IT solutions and services to the international insurance market on Wednesday said that it has bagged accomplishment award at the 2008 Acord Loma Insurance Systems Forum. 

It received the 'Acord innovative implemenattion award' in the accomplishment category for implementation of XML standards at Aspen Insurance utilising Acord standards. 

It also implemented the RLC Placement Message at the insurance company as part of its direct placement project, said a company release. 

NIIT technologies CEO and Managing Director Arvind Thakur said, "We have been constantly delivering value to our business relationships, a fact reinforced by receiving the Acord innovative implementation award."

SemanticSpace buys US-based Prolifics     
July 03, 2008
SOURCE: BL

Hyderabad, July 2 IT services provider SemanticSpace Technologies on Wednesday announced the acquisition of Prolifics, a US-based system integrator and a specialist in IBM technologies for $40 million in a cash-cum earn-out deal. 

This involves upfront payment of $26 million in cash and the rest in the form of earn-out over two years. 

With this acquisition, SemanticSpace, based in Hyderabad, would now have over 1,500 consultants, including 300 from Prolifics and is on course to a revenue rate of $100 million during the year, according to Mr Satya Bolli, its Chief Executive Officer.

Addressing a press conference here on Wednesday, Mr Satya Bolli said that along with Prolifics and another acquisition that the company made in Arsin Corporation, based in Santa Clara, the company would offer three broad areas of business covering system integration, testing and product development services.

Founded in 1997, SemanticSpace has investments from UTI Venture Fund and New Vernon, and has funded the acquisition of Prolifics through internal accruals and debt.

The Chief Executive Officer of Prolifics, Mr Nicolas Jabbour, said that the company has had over 1,200 projects and closed last financial year with revenues of $52 million. It operates out of New York and serves some of the firms on the Wall Street.

The cost of serving with operations and consultants in the US and Europe is high. With this merger, Prolifics now has access to resources in India that will make the cost of providing services lower. Likewise, SemanticSpace would have access to senior professionals in the US and Europe, Mr Satya Bolli said.