Zensar to divest non-core businesses

Pune, India January 22, 2019: Zensar, a leading digital solutions and technology services company that specializes in partnering with global organizations across industries on their digital transformation journey, announced that it has entered into an agreement with Lorhan IT Services Private Limited, a wholly owned subsidiary of First Tek, Inc., a US based IT services and products company to divest its Australia, Middle-East and India-based businesses. This is in line with Zensar’s commitment to focus and invest in the core markets of the US, Europe and South Africa, which together comprises more than 98% of Zensar’s consolidated revenue as on December 31st, 2018.

Under the terms of the transaction, identified assets, liabilities, employees, and client contracts relevant to these businesses will be transferred to Lorhan. The Australia and Middle East businesses will be transferred by way of a share sale, while the India-based business will be transferred as a slump sale.

Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar Technologies commented, “Zensar is focused on strengthening its key verticals of hi-tech manufacturing, retail, and insurance in our core markets of US, Europe and South Africa. In the First-Tek group, we found the right partner for our Australia, Middle-East and India businesses. Given their focus to grow these regions we believe these businesses are aligned better for growth with First-Tek.”

Speaking on this announcement, Kumar Bhavanasi, President and Chief Executive Officer, First-Tek said, “We are a fast-growing company, and were looking to expand our operations in Australia, Middle-East and India. Zensar’ s operational base and the skills on offer complements our growth strategy. We look forward to adding more value to current customers and giving exciting career opportunities to the people coming on board.”

Equirus represented Zensar and acted as sole advisor to the transaction.

About Zensar(www.zensar.com)

Zensar is a leading digital solutions and technology services company that specialises in partnering with global organisations across industries on their Digital Transformation journey. A technology partner of choice, backed by strong track-record of innovation; credible investment in Digital solutions; assertion of commitment to client’s success, Zensar ’s comprehensive range of digital and technology services and solutions enable its customers to achieve new thresholds of business performance. Zensar, with its experience in delivering excellence and superior client satisfaction through myriad technology solutions, is uniquely positioned to help them surpass challenges around running their existing business most efficiently, helping in their legacy transformation, and planning for business expansion and growth through innovative and digital ways.

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About RPG Enterprises(www.rpggroup.com)

RPG Enterprises, established in 1979, is one of India's fastest growing business groups with a turnover of Rs 23000 Cr. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation led technology businesses.

 

About First Tek(www.first-tek.com)

Founded in 2001, First Tek is a global technology company headquartered in New Jersey with offices throughout the United States and internationally. First Tek was founded with a vision to provide quality, cost-effective IT services and solutions and has grown to include a suite of businesses focused on innovation in the technology space.

From its origins partnering with leading companies to connect them with top technology talent, First Tek has expanded its services to include custom software design and development for web and mobile applications for clients ranging from mid-sized businesses to Fortune 100 companies. First Tek has more than 1,500 employees serving clients in 42 states of US and around the world.

About Lorhan(www.lorhanit.com

Lorhan IT Services, a 100% subsidiary of First Tek, Inc., was founded to acquire the India, Middle East, Australia regional business of Zensar Technologies. Under this new brand, Lorhan continues to build on the strong track record of innovation and commitment to client success that were integral parts of the company’s origins.

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PR Contacts (Global Headquarters - India):
Aradhana Prabhu
Public Relations
Zensar Technologies
+91 9765999749  
aradhana.prabhu@zensar.com 
 
 
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