Vayana acquires solutionnet

Chennai
The Hindu Business Line
Vayana, a Chennai-based start up, has acquired SolutionNET, also a city-based company, which has over 25 banks as customers, for an undisclosed sum. Vayana, which started operations in January, has a team of experts from banking and financial services (BFS) industry and received funding from the HDFC Group, while SolutionNET has products and customers in the BFS sector, said H. Srikrishnan, Co-Founder and Director, Vayana.

“We will not be able to reveal any number s. I can only say that SolutionNET was a cash positive company when we acquired it in May. The integration is now over,” he added.

While Vayana will be the new brand of the merged entity, SolutionNET will be for product and service for BFS.

SolutionNET has around 120 employees and provides services to customers such as HDFC Bank, Corporation Bank, Shamil Bank and Sharjah Islamic Bank. The Al Omania Bank runs its entire business on SolutionNET’s loan management system. The integrated team will create a business-to-business network of financial services that can be accessed by users through mobile phones and the Internet, he told newspersons.