Purchase of India-based technology firm for Norwegian oilfield services company.
A subsidiary of Norway’s Kongsberg (OSE: KOG) plans to buy Advali AS, the India-based technology firm for an undisclosed sum.
The Kongsberg subsidiary, Kongsberg Oil & Gas Technologies AS, said the purchase will strengthen its capabilities and efficiency in software development.
Advali is a leading provider of software development services to the Nordic region. The company was originally founded in Norway in 1997. In 2003 it established facilities in Bangalore, India, focusing on software development and testing. All 120 employees are now based in Bangalore.
Today, Advali is a specialized company in relation to the entire software development value chain; from project management, technical design, modelling, development, implementation, and testing.
“We see an increasing demand to strengthen our capacity, competence and efficiency within software development, test and support,” said Pål Helsing, KOGT’s president and chief executive.
“We have cooperated with Advali for the last few years, and have very good experience with its services and deliveries. We are therefore very pleased with the acquisition and are looking forward to integrating Advali into KOGT.”
“As a leading technology and software company, KOGT is a very good match for Advali,” adds Robert Kristiansen, Advali chief executive. “The acquisition will further strengthen our development, supporting deliveries and growth, in addition to being very positive for our highly skilled employees who will be working as part of a highly respected and experienced organization in a very exciting marketplace worldwide.”
KOGT said it hopes to close the purchase by mid-December 2012.