Bangalore: Software services firm Netkraft today (June 10, 2004) said it is being acquired by the privately held business process and technology consulting company, the United States-based Adea Solutions, in an all-cash deal.

The Bangalore-based Netkraft builds and implements software solutions to the retail and distribution, healthcare and life science markets.

The $ 130 million Adea has a strong presence in the telecom market.

Anand Sudarshan, CEO, Netkraft, told reporters in Bangalore that Netkraft would eventually become a fully owned subsidiary of Adea but declined to disclose the value of the deal.

Adea Solutions is buying the holdings of JumpStartUp, Actis and Draper, who are investors in Netkraft, as well as those of other shareholders.

The acquisition is subject to regulatory and other approvals, which is expected to be completed by July 2004.

Netkraft, which made a turnaround in 2003-2004 when it became a profit-making company, has raised $ 8.5 million since its inception, he said.