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| Infotech buys US engg services firm |
| Bs Reporter / Hyderabad Jan 19, 2010, 00:39 IST |
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Infotech Enterprises, a Hyderabad-based provider of engineering design, geospatial information and information technology (IT) services, has acquired US-based Daxcon Engineering Inc in an all-cash deal for an undisclosed sum.
“Daxcon, which specialises in off-road heavy engineering and aerospace sectors, will bring eight large customers, including Caterpillar, Terex and Boeing, to us. Its 150 local resources will be critical for our success, both on-shore and off-shore,” B V R Mohan Reddy, CMD, Infotech, told mediapersons.
Daxcon reported revenues of $21 million (approximately Rs 97 crore) in 2008. The company suffered a setback with the economic meltdown in 2009. Its current revenue stands at $14 million (Rs 65 crore).
“With the economies in the US and Europe recovering, we expect Daxcon to start gaining momentum in the next couple of quarters,” Reddy said. He declined to divulge the acquisition deal size citing a confidentiality agreement with the company. Infotech Enterprises employs 7,200 people globally, 800 outside of India and the remaining spread across its development centres in Hyderabad, Bangalore, Noida, Kakinada and Visakhapatnam.
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