For the full year 2007-08 (FY08), the company reported a 52 per cent jump in net profit at Rs 27 crore as against Rs 18 crore in FY07. Net revenue for the year increased by 47 per cent to Rs 236 crore as compared with Rs 161 crore in the previous financial year.

Vijay Kumar, chairman & managing director, said: "We continue to maintain our growth momentum as we enter 2009 growing at more than 50 per cent year-on-year." The company's order book currently stands at Rs 250 crore, an amount roughly equal to the 2007-08 topline, a release from the company said. Gemini Communication is planning to acquire a ‘security and storage' service provider in Chennai.

While the target company's name is not known yet, sources close to the development said that it would be a $10-12 million revenue company with a workforce of 200.

While Gemini has some interest in the security and storage business, the proposed acquisition is expected to make it the third largest player in the space. "The idea is to make private data stored in digital form, completely hack-proof," said a source involved in the deal.

Security and storage services essentially allow clients to secure their valuable and competitive data while enabling legitimate users to access information at a click of a button. "The idea is to make private data stored in digital form, completely hack-proof," said a source involved in the deal.