Xalles Holdings Inc. (OTC: XALL), a holding company focused on investing in fintech firms, is acquiring VGR Technology Partners Inc., a firm focused acquiring IT staffing and product development companies. In addition, Xalles announced that it is also acquiring Crown Solutions India Pvt. Ltd., an IT staffing and shared services company based in Chennai, India, and its UK and US operations.
VGR is led by President Venugopal Thiyyagura, and the business is expected to make acquisitions of its own as part of Xalles this year.
“I plan to build a world-class global IT staff augmentation and software development organization for Xalles,” Thiyyagura said. “I strongly believe that through the correct selected accretive acquisitions and a loyal global workforce, we will create a successful, innovative and profitable firm.”
The VGR deal is expected to close by Friday.
Separately, Crown Solutions is expected to generate $9.5 million in revenue this year. It’s led by Suresh Kumar Nair, who will continue to lead the business during a multi-year transition period. The deal is expected to close by Jan. 31, and the Crown purchase agreement has a total value of approximately $6.1 million.
Xalles is based in Washington, DC.