Bangalore: TechSpan India Limited today (Nov 2, 2004) announced it has acquired the assets of Elind Computers Private Limited, a Bangalore-based software provider focused on the global securities industry.

As part of the acquisition, TechSpan will acquire Elind's team of 60 employees based in Bangalore. Financial details of the deal were not disclosed.

"The acquisition equips TechSpan with an array of customisable internal matching services/components for investment banks and prime brokerages to consolidate order management systems, cross orders internally, and route those orders appropriately -- what TechSpan refers to as the 'internal marketplace'," a TechSpan statement said.

Elind's matching services/components complement TechSpan's existing portfolio of IT consulting and integration capabilities currently being developed and delivered from their Bangalore Global Delivery Centre, the statement said.

"The union will help to bring clients low-risk, 'quick start' solutions across a number of areas such as trading and market making, matching and crossing engines, FIX engine and gateway, and order management consolidation," it said.

TechSpan delivers its financial service solutions from two Global Delivery Centres in Noida and Bangalore. TechSpan anticipates that its financial services practice will contribute over 50 per cent of its revenues by 2004 and this is expected to increase to over 53 per cent in 2005.