TekEdge to acquire stake in YES

BANGALORE, FEB 6: The $100 million TekEdge Inc is planning to acquire about 20-25 per cent equity stake in Yantri Enterprise Solutions International Pvt Ltd (YES), an enterprise resource management company. Based in Bangalore, YES currently has an equity base of Rs 2.6 crore.

As part of the ongoing expansion programme, the Bangalore-based company is planning to set up an off-shore development centre next year. YES will also be augmenting its equity base over a period of nineteen months. "The US-based TekEdge will pick up a stake in the increased equity of the company. However, it has not set a timeframe for the purpose. But the talks were at an advance stage. The funds thus raised will be utilised for the company’s expansion plans," a senior company official said.

Confirming this, Taib Capital Corporation Ltd CEO R Ramachandran said TekEdge has over 200 engineers and consultants engaged in deploying and validating the deployment of enterprise wide back office applications like Oracle Financials andOracle Manufacturing. TCCL is one of the venture capital firms which fund the Yantri Enterprise Solutions’ project in the country.