Information technology services and consultancy firm Mahindra Satyam acquired a stake in India-based financial software company Dion Global Solutions on Friday worth 16%, according to Indian financial news source VCCircle, which puts the price paid as Rs 35 crore ($7.1m).
The stake will be made up of freshly issued shares, priced in accordance with the Securities and Exchanges Board of India.
Apart from brothers Malvinder and Shivinder Singh, shareholders in Dion include several investment holding companies as well as a number of local, small to medium-sized India-based firms.
Dion’s provides its software to more than 660 clients across the world, covering portfolio management, trading, settlement, risk management, analytics, treasury and research services. The funds will be used by Dion to expand its product base, and to expand into new geographic territories.
C.P. Gurnani, chief executive officer of Mahindra Satyam, said: "We are extremely impressed by Dion’s products and solutions, its ability to truly partner with its clients, and most of all, its top class management team. We are convinced that…Dion will become one of the foremost software solutions providers to capital markets globally and are keen on participating in Dion’s promising future."