AKELA aquired for euro 2.45 mln

Akela Romania, a premier is a premier provider of custom software solutions and off-shore development center outsourcing services headquartered in Bucharest, Romania has been aquired by TechTeam for euro 2.45mln in cash and euro 250,000 worth of TechTeam common stock. The acquisition of Akela will increase TechTeam’s employee base to over 250 IT professionals in Bucharest with access to several new global customers, technologies, and vertical markets. Akela posted total revenues of approximately $1.23 million and net income of approximately $184,000 for the sixth months ended June 30, 2005 (unaudited). The company also reported revenue of $1.38 million and net income of $202,000 for its fiscal year ended December 31, 2004. Annoncement is here.