MUMBAI: Goldstone Technologies Limited, the Hyderabad-based software solutions and IPTV provider, has acquired a majority 51 % stake in 4G Informatics, a privately-held firm in Hyderabad specializing in the Biometric Identity solutions, for an undisclosed sum.

With this acquisition, Goldstone Technologies will be getting a foothold in the emerging identity solutions market in India. Goldstone Technologies will be using a combination of cash and stock in Goldstone Technologies, as per the guidelines of the Securities and Exchange Board of India, to fund the majority-stake acquisition.

The cash component would be used to pay part of the consideration to the promoters of 4G Informatics, and to fund the company’s expansion. 4G Informatics, founder and chief executive officer, Sreeni Tripuraneni, would continue to manage the company along with its team. Goldstone Technologies will be appointing two directors to the board of 4G Informatics.

Goldstone Technologies Limited, managing director, Travis Caddell stated, “What attracted us to 4G Informatics was its domain expertise, association with world leading biometric technology companies and its growing client list in India. With 4G’s portfolio of solutions for Civil ID, Criminal AFIS, Live Scan and Access Control and its large and growing relationships with various organizations in India, working to a Public Private Partnership model, Goldstone Technologies will be broadening its own portfolio.”

Tripuraneni added, “As more and more clients are adding to our portfolio, We were looking for a strategic partner to take our business to the next level and make our presence strong as a leading identity solutions provider. The market for identity solutions, including iris recognition and fingerprint is growing rapidly in the country. We believe Goldstone Technologies, with its robust management and technology focus is the best partner for 4G Informatics.”