Accel acquires the IT Services Business that consists of IT Infrastructure Management Services business of Computer Factory India Private limited (CFIL) on a going concern basis.

Post this acquisition, all the existing businesses of Computer Factory would be operated by Accel, as Accel IT Services. Earlier, on January 1, 2020, Accel had acquired Computer Factory India Private Limited in an all-cash deal, following which it turned into a wholly-owned subsidiary of Accel.

Computer Factory India was established in 1989 in Chennai as a systems and services company that runs in Chennai and Bangalore and is a leading player in IT infrastructure services.

As CFIL's IT Services business along with Accel’s IT Services business would bring synergies, the Board has also accepted the procure of the IT Services business of Computer Factory India Private, with effect from April 1 2020, on a slump sale basis, company said in a regulatory filing on Tuesday.

The transfer of business has been done in such a way that the entire business along with its assets, customer base, contracts and employees will be transferred to Accel as a going concern basis. The new entity will be known as Accel IT Services, which would be a division of Accel. At around 9.52 am, Accel was trading at Rs14.17 per piece up Rs.0.53 or 3.89 percent on the BSE.

N. R. Panicker, Founder, Chairman and Managing Director Accel says,"This acquisition will help Accel in its next phase of growth and will strengthen the company's robust service portfolio developed over thirty years. The strong service capabilities of CFIL will complement Accel’s own service offerings and will offer more value for its customers.”