Hyderabad, Andhra Pradesh, India
Fortuna Technologies Private Limited (Fortuna), Hyderabad, India closed a transaction on 13th September 2007 towards sale of 100% of their shareholding to TietoEnator Corporation, Finland, a listed European company in all cash deal of $ 29 Million, plus an earn out up to $5 million.
Fortuna's mobile handset R&D and software business was founded in Hyderabad and Europe by T C Ashok, a Silicon Valley entrepreneur, in 2004 and the company quickly grew to a position of having 300 strong mobile embedded experts in a short span of 3 years. Fortuna could also secure key partnership position with one of the leading 3G mobile device platform vendor.
Sathguru Management Consultants (Sathguru) has been advising the Founder and Fortuna in several of their key strategic decisions in the last three years. As an advisor to the Seller in this transaction, Sathguru played an important role in deal structuring, legal, taxation and in overall closing of the transaction.
Ragu, Director of Sathguru said "We were fortunate to be involved with Fortuna in the last three years in their challenging growth phase and advising its Founder. It was exciting to participate in the innovative growth strategy of Fortuna and further bringing high value to the Founder in closing this transaction. Beginning with the "boutique model" conceived by the Founder, Fortuna was full of innovation all through. Fortuna would be one of the great success stories to debate in the Indian knowledge based services deal flow."
The total return on investment to the Founder is about Rs. 140 crores.
About Sathguru Management Consultants
Sathguru was established with a vision to provide world class management advisory services to several facets of enterprises in the private, Government, non-profit and academic sectors. Over the years, it has developed intense capabilities in several functional and specialty segments including strategic advisory, sector growth assessment, technology management services, information technology services and capital markets and depository services. We have emerged as the chosen partner in several innovative and path breaking initiatives undertaken by various stakeholders across the world.
Sathguru's affiliation to DFK International, a major worldwide group of independent accounting firms and business advisors, gives a global perspective to Sathguru's overall effectiveness. Strong commitment to high quality professionalism, comprehensive cross disciplinary capabilities, proactive and continuous learning in an ever changing global environment and the ability to conceive innovative strategies make Sathguru the chosen partner for many global enterprises.
For more details, visit www.sathguru.com
TC Ashok - Founder and Chairman, Fortuna Technologies
TC Ashok is the founder of Fortuna Technologies. TC Ashok has over 20 years of international business experience in USA, Europe, and India with strong entrepreneurial and relations building skills. An NRI by status and with over 24 yrs of living in the US, TC Ashok returned to Hyderabad in 2004 to set-up the mobile business.
In a short span of three years, Fortuna's mobile division had developed significant Intellectual Property in 3G mobile handset business and had established strategic partnerships with global players in mobile handset industry. By 2007 August, the Fortuna's mobile business had grown rapidly to 300+ mobile embedded experts.
TC Ashok has an MBA in Marketing and Finance, MA in International Relations, and BA in Economics and is listed in International Who's Who of Professionals
Source: Sathguru Management Consultants Pvt. Ltd. (Business Wire India)
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