 "Sonata Acquires Majority Stake In TUI InfoTec")
IT Consulting and Services company Sonata Software has completed the acquisition of a 50.1% stake in Germany-based TUI InfoTec. Sonata Europe Ltd recently signed up a closing memorandum with TUI InfoTec GmbH and remitted Euro 18mn for the transaction.
Announced in September this year, the deal is expected to help Sonata foray into new geographies in the European market. The outsourcing major intends to combine its strong offshoring capabilities and TUI InfoTec’s IT Infrastructure Management services to tap into the European market.
TUI InfoTec is the IT service provider for TUI AG and its subsidiaries in Germany, France, Sweden, UK, Spain, and other parts of Europe. It develops, maintains and supports applications and IT infrastructure systems for TUI Group companies.
TUI InfoTec possess strong capabilities in Remote Infrastructure Management and domain knowledge in verticals like travel, tourism, airlines and hospitality, and boasts of expertise in horizontals like Enterprise Applications, Web applications, Business Intelligence and Legacy Applications Management.
Sonata received Euro 10mn from State Bank of India (SBI), London for the deal. The balance was funded through internal accruals. The company has also received an anti-trust clearance from the Federal Cartel Office in Germany.
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