3i Infotech subsidiary to sell US-based unit for $137 mn

IT firm 3i Infotech today said its subsidiary, 3i Infotech Financial Software, has signed an agreement with Cerberus Capital Management to sell its US-based Global Billing and Payment unit for $137 million (nearly Rs 617 crore).

The transaction is expected to close within two months, subject to customary closing conditions and any regulatory approvals, 3i Infotech said in a filing to the Bombay Stock Exchange.

"This enables 3i Infotech to go back to its roots as a significant IT products and services player while at the same time allowing the billing and payment unit to be acquired by an organisation interested in growing it as an independent company," 3i Infotech Managing Director and Global CEO V Srinivasan said.

Cerberus Capital Management is a private investment firm with $23 billion of capital under management.