Ontrack Systems agrees to buy US IT company

August 10th, 2008 - 6:36 pm ICT by IANS  


Kolkata, Aug 10 (IANS) IT solutions provider Ontrack Systems Ltd has agreed to acquire US-based IT firm IQ Technologies LLC along with its wholly-owned subsidiary FAST India (Pvt) Ltd. “By combining the two companies, we will strengthen our global management team with near shore and off shore service delivery capabilities with an existing customer base in North America, Australia, Europe and India,” Ontrack CEO B. Hari said in a statement.

“This initiative opens up tremendous opportunities for acquiring new customers, and offers an enhanced range of services to our existing customers in these locations,” Hari added.

About 75 percent of Ontrack’s current service revenues come from Europe with the balance coming from India, Middle East and Australia.

IQ Technologies offers information and communication technology (ICT) services to companies in North America.

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