Sterlite Technologies has completed the acquisition of Elitecore Technologies, a telecom software product company majority owned by First Carlyle Ventures Mauritius.
Going forward, Elitecore is proposed to be merged into Sterlite, the company said.
The acquisition, announced on September 22, widens Sterlite's telecom portfolio of offerings to its global customers.
In addition to its current offerings comprising optical products and allied system integration services, Sterlite will now offer industry leading software solutions for operations support, business support and revenue management.
Elitecore was established in 1999 and has made significant inroads in both Indian and global telecom operators and has expanded its geographic footprint to include Southeast Asia, Middle East and Africa and lately Eastern Europe and Latin America.
Sterlite has taken a strategic decision to capitalize on the broadband data network creation globally by offering a larger range of products and solutions especially focusing on the high value product segments. Elitecore's portfolio enables Sterlite to serve telecom operators' mission critical applications that drive profitability and scalability.
This acquisition opens up access to a large multi-billion dollar market which, when combined with the existing large and expanding market for optical products globally, significantly enhances the overall growth opportunity for the company, Sterlite said.
"The acquisition is a lever for Sterlite to create new inflections in the telecom arena that are in line with Sterlite's long-term goals of being an integrated telecom solution provider,” said Pravin Agarwal, vice chairman of Sterlite.
Both Sterlite and Elitecore cater to some of the largest telecom service providers globally and this acquisition will enable both companies to cross-sell their suite of offerings, Agarwal noted.