Accenture to pay $10m for 51pc stake in GPIT
American technology services firm Accenture will pay $10 million to purchase a 51 percent stake in GPIT, Grameenphone's IT subsidiary, an official has said.
“We are excited to be investing in the largest IT services company in Bangladesh,” said Bob Sell, group chief executive of Accenture, also a management consultancy and outsourcing firm.
The “strategic investment” would allow the American firm to tap into a “very robust” pool of skills and capabilities in the country, he said in a statement.
As per terms of the deal, each of GPIT's 750,000 shares has been priced at $26.63 and Accenture would purchase a total of 382,000 shares to make it a 51 percent stakeholder.
“Grameenphone and Telenor have a strong commitment to strengthening the IT sector in Bangladesh, and with Accenture, the Grameenphone board has found an ideal partner to enhance GPIT's capabilities,” Sigve Brekke, chairman of Grameenphone, said.
Established in 2011, GPIT provides end-to-end solutions to banks, financial institutions, fast-moving consumer goods, pharmaceuticals and telecom companies.
Accenture has operations in 120 countries, and in the fiscal year that ended on August 31, 2012, it generated net revenues of $27.9 billion.