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India's Altruist Tech Buys Teligent Telecom

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India based value added services provider, Altruist Technologies says that it has acquired the Sweden based Teligent Telecom, supplier of infrastructure solutions and value added services to telecom carriers, in an all cash transaction.

The company said that the deal, valued at EUR13-14 million, is likely to help it double its revenues in the financial year 2012-13 and also set up a launchpad into Europe and the USA.

The deal value includes both up-front payment and earn-out portion, which will be paid depending on achievement of revenue targets in December. The company has funded the acquisition mostly through internal accruals and some debt.

The company will continue to operate under its own brand name.

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Tags: altruist technologies  teligent telecom  India  Sweden