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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (741)	2/16/2000 9:56:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT Apollo Group to buy two IT companies in the US Rupali Mukherjee New Delhi, Feb 15: Marking its first acquisition in the US-as well it's first in infotech-the Apollo Group is buying two information technology (IT) companies. Sources said the two acquisition is being done through two closely-held group companies - Apollo International and Dusk Valley Technologies. The group has decided to give its IT interests a major thrust and has set up Dusk Valley Technologies to foray into e-commerce, and other Web related businesses. The group has kept the setting up of a separate company for infotech-related business, Dusk Valley, under wraps. The group's IT-related business is being looked after by chairman Onkar S Kanwar's son - Raaja RS Kanwar. Apollo International along with Delhi-based Dusk Valley Technologies has acquired 50 per cent stake in the US-based Results International Systems, Inc. The sources did not want to reveal the name of the second US company as the deal is close to being sealed. Company sources when contacted refused to divulge the price at which the companies are being bought. However, it appears that both the US companies to be acquired are application service providers (ASPs) in the insurance sector. The who's who in the insurance business including Liberty Mutual are clients of Results International Systems. Sources added that the balance equity-holders of Results International Systems are Bruce Hynez and an NRI Atul Saxena. The group is on a major acquisition spree and is trying to rope in overseas investors for investing in the infotech business. Apollo International is the group's export company, which was set up about five years ago and exports garments, tyres and bulk drugs, while Dusk Valley Technologies has been recently set up. -Indian Express Newspapers (Bombay) Ltd.