(Richmond, VA and Brazil)
Brazil-based Stefanini IT Solutions (http://www.stefanini.com/) acquired Code X, Inc. ("CXI" - http://www.cxi.net/), a Richmond, Virginia based IT services firm with over 400 employees (250 in the U.S. and 150 in India) for an undisclosed sum.
Stefanini is a global company with nearly 12,000 employees in 27 countries, including in the Americas, Europe, Africa and Asia. Its clients come from several sectors, including manufacturing, telecommunications and utilities.
This is the second major purchase for the Brazilian company in about a year. In late 2010, Stefanini acquired TechTeam Global, an IT outsourcing firm based near Detroit, MI.
Adding CXI into the mix allows Stefanini to become "a new breed of outsourcer and IT service provider," Marco Stefanini, who founded the company that bares his name in 1987, said in a statement.
As Stefanini and CXI join forces, CXI's president and chief operating officer Shu Dasgupta will remain in his role. Ranjit Sen, who founded CXI in 2000, will stay on the company's board and will become a senior adviser to Marco Stefanini and his company. Ranjit Sen said the timing was right to sell and that Stefanini IT Solutions Group is the right fit for his company. "It was the appropriate time. We needed (Stefanini's) muscle to grow," said Mr. Sen.
Generation Equity Advisors, LLC (http://www.generationequityadvisors.com/) was the exclusive financial advisor to Stefanini IT Solutions and CEO Ally, Inc. (http://www.ceoally.com/) was the exclusive financial advisor to CXI.
