German software specialist SQS has acquired a majority stake in Thinksoft Global Services for an undisclosed sum, but believed to be for around US$23.4m.
Thinksoft is the world’s fourth largest software tester and is headquartered in Chennai, India. It employs 800 specialists.
The acquisition chimes in well with Thinksoft’s efforts to expand its focus on banking and financial services by boosting its offshore capabilities.
Thinksoft has a track record of delivering software validation and verification for finance organisations around the world.
“Our majority stake in Thinksoft supports our strategy, particularly when it comes to expanding in the field of managed services at our test centres,” said Dik Vos, CEO of SQS.
“Our acquisition of Thinksoft will now enable us to achieve our goal far more quickly – of generating more than half our turnover from managed services for software testing. By more than doubling our resources in India, we will significantly increase our competitiveness.”
SQS, which is headquartered in Cologne, Germany, employs 200 people in Ireland. In September, it began the expansion of its Irish operations with the creation of 75 new jobs.