Tecnomen to tap emerging markets with Indian purchase.

Mon, Dec 15: Finnish telecom software firm Tecnomen Oyj said on Monday it had agreed to buy 96.6 percent of smaller Indian rival Lifetree Convergence Ltd. for 33.2 million euros ($44 million) in cash and shares.

"The transaction provides access to a larger customer base in emerging markets such as Africa and Asia, to drive revenue growth in coming years," Tecnomen Chief Executive Jarmo Niemi said in a statement.

Tecnomen said the deal is expected to be completed by the end of March 2009, after which it plans to start trading under the name Tecnomen Lifetree.

Lifetree's revenue in January-September was five times smaller than Tecnomen's but its operating profit margin was 37.4 percent, compared with Tecnomen's 11.7 percent.