Prism Informatics (BSE: 505530), a rapidly growing software development and strategic consulting company, is enhancing its capabilities in the US market through the acquisition of a majority stake in Idhasoft, an unlisted public limited company in the Information Technology sector with a turnover of around Rs 400 crore and a strong presence in the US and India.

Prism’s position in the US market will be strengthened by the combination of Idhasoft’s enterprise architecture, implementation and technology consulting skills coupled with Prism’s broad management consulting, technology and industry in-depth experience, focus on exploring different geographies and global delivery capabilities.

Prism today acquired 18% stake of major holder of Idhasoft Ltd.

Idhasoft is a fast-growing, global, new-generation consulting firm offering strategic advisory services to optimize revenues and drive down costs for its clients. The Company has over 1000 clients, and offices in US & India. With its sharp focus on delivery, continued commitment towards customers and outstanding performance, Idhasoft has been awarded 2011 SAP SME Partner of the Year presented by SAP Americas during SAP Channel Partner Summit 2011. Idhasoft offers a wide range of products and services for major industry verticals including Education, Healthcare, Retail & Supply Chain. Idhasoft has strategic alliances with all leading technology vendors including SAP, Oracle, Microsoft, IBM and HP. In addition to 3rd party services, Idhasoft also offers 26 proprietary products with 15 more under development.

“We are delighted to be entering into this venture with Idhasoft and believe that this will provide an opportunity to bring together the experience and technology skills of Idhasoft with Prism’s global network and capabilities” said Mr. Alok Pathak, Managing Director, Prism Informatics Ltd. “The acquisition combines two of the fastest growing Information Technology consulting companies creating new horizons for Prism” he added.

“Together, we will provide a new level of experience to our customers. This acquisition adds new perspective to our organization”, said Dr. Ramesh Subramaniam, Managing Director, Idhasoft Limited. “With our combined resources and expertise we believe that this acquisition will enable us to break new grounds in Information Technology” he added.

Prism has consistently proved its mettle in the consulting industry, and has also met the demands of its rich ecosystem comprising of investors, clients and notable stakeholders. With this acquisition Prism will pole vault into the league of mid-cap companies in the stock market and will rank in the top 50 Indian IT companies. This should make the stock attractive to a broad base of investors including institutional investors.

Prism with its strong presence in Europe, Middle East and Asia Pacific has grown organically and focuses on strategic investments to accelerate market presence and leadership position in chosen verticals. With the acquisition of a major stake in Idhasoft, Prism will reinforce its global presence and diverse cultural base.

Idhasoft is estimated to achieve a turnover of Rs. 400 Cr. in Fy 2012 & Rs. 450 Cr. in Fy 2013.