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India's Satyam buys into business consulting

Agrees to pay up to $38.7 million for London-based business consulting company Citisoft.

Satyam Computer Services in Hyderabad, India, has acquired London-based business consulting company Citisoft, the companies said this week. Satyam, one of India's leading outsourcing companies, agreed to pay up to $38.7 million for the company, which includes $15.5 million in performance-based pay. Citisoft specializes in advising institutional and private wealth investment companies with operations in London, Boston and New York.

Satyam is not the first Indian services company to eye U.S. or European business consulting opportunities. Infosys Technologies, a Satyam rival, launched a new U.S. consulting unit last year.