Aftek Ltd stake in Seekport valued at Euro 117.57mn

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Aftek Ltd stake in Seekport valued at Euro 117.57mn

Aftek Ltd. stake in Seekport valued at Euro 117.57 million

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Seekport a German search engine listed on 12^th Sep 2007 on the Deutsche Bourse at Euro 4.75 per share giving it a total market cap of Euro 475 million. Aftek, through its 100% subsidiary Arexera Information Technologies Gmbh , owns 24.75% of Seekport. This stake was acquired in exchange for sharing search related technology and patent IP with Seekport. At current market price, Arexera's 24.75% stake translates into a value of USD 163.41 million (Euro 117.57 million) worth Rs. 653.60 crore.

Interestingly, this is more than the market capitalization of Aftek Ltd at the closing price of September 12. At that price of Rs. 61.35 Aftek's market capitalization stood at Rs. 536 crore.

Seekport Internet Technologies GmbH provides search technology to Internet advertising agencies like Espotting on a B2B basis or to retail users on its portal, www.seekport.de, on a B2C basis. Seekport's backfill and search speeds have compared favorably with those of Google and Yahoo and has an even better search quality.

Aftek has always consciously followed an IP lead growth strategy. The company offers custom application development, product engineering and soft testing services in the Networking, Telecommunications, Semiconductors and Automobile verticals. It has a client base spread across US, Germany, France, U.K., Australia, Spain and Japan with customized solution in their respective languages. Aftek's clientele ranges from BMW, VW to ESG and GM.

The company has also tried to parley its IP's into strategic stakes in various growth companies. It has a substantial stake in DigiHome , India's leader in home automation solutions. Aftek had a similar strategic stake in Elven Micro Circuits Pvt. Ltd (EMPL), which provides semiconductor life cycle services and solutions for wired, and wireless networking requirements. Elven is presently being merged with Aftek and the legal process currently underway.

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