Fortuna Technologies brought over by TietoEnator in an all cash deal
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.