| Encora Group, a global product engineering services company, offering a portfolio of software product life cycle solutions, today announced a merger agreement with Meritos Technologies, a Bangalore-based pure-play offshore services company providing product engineering services to mid-market software enterprises. Avendus was the strategic and financial advisor to the transaction.
Founded in 2005, Encora is backed by strong technology-focused private equity firms. Encora has leveraged its comprehensive domain & solution-clusters based engagement models to grow their business by more than 100% CAGR in the last couple of years. Encora provides product development services to over 35 global software product companies.
Meritos Technologies provides a wide range of sophisticated offshore
software engineering development services for mid-market software
product companies. Meritos full-range of services include offshore
software delivery & product implementation services. Meritos’ IGO
Model™ provides a seamless India Development Center, which
is strategically aligned with the software product company requirements.
The combined entity will leverage it’s deep experience in building and managing offshore product development teams to increase competitive advantage and position itself as the emerging leader in the Outsourced Product Development (OPD) space. OPD is amongst the fastest growing segment in IT services as a larger number of software product companies look to outsource their product engineering work to offshore locations like India. The OPD opportunity is estimated to grow to USD 11Bn by 2008 as per Nasscom estimates.
The combined entity will be known as Encora. Encora has plans to add 1500 technology professionals over the next 3 years and create inflow into India, of nearly US $ 100MM over the same period.
Venu Raghavan, President and CEO, Encora says “We are delighted to make this announcement at a time when the software engineering services space is showing unprecedented growth. The acquisition enables Encora to offer our clients a broader range of services on a global basis.”
According to Anil Singh, Co-founder & CEO of Meritos Technologies “The merger with Encora will lead to significant expansion in operations, as Encora and Meritos businesses are complementary.”
Says Nitin Panchmal, Co-founder & President of Meritos Technologies “The combined companies will now create the next generation outsourced product engineering services company. This merger will significantly enhance our ability to develop and deliver world-class software products and services.”
Aashish Bhinde, a senior member of Avendus’ IT services practice adds “Success in IT services today is driven by execution capability. This merger creates one of the most exciting teams in the OPD space with an outstanding client acquisition track record complemented by a strong offshore delivery capability.”
About Encora, Group
Encora is a global product engineering services company, offering a portfolio of software product life cycle solutions. Encora provides end-to-end services to software product companies including product management, product engineering and professional services, primarily through offshore delivery supplemented by on-site execution. The company is headquartered in Scottsdale, Arizona with offices in Pittsburgh, Boston and Mumbai, India. For more information, visit www.encorainc.com
About Meritos Technologies
Meritos Technologies provides offshore product engineering services for mid-market software enterprises. Meritos full range of services includes world-class offshore software delivery & product implementation services. Meritos is headquartered in Bangalore, India with offices in Santa Clara, CA. For more information, visit www.meritostech.com
Media contacts:
Encora - India
Clarence Shenoy
+91 80 3057 0303
clarence.shenoy@encorainc.com
www.encorainc.com
Encora – US
Girish Pandit
001-480-991-3635
girish.pandit@encorainc.com
www.encorainc.com
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