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| Infotech plans two buyouts in US for up to $40 million |
| BS Reporter / Hyderabad Nov 26, 2009, 01:15 IST |
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Infotech Enterprises, a Hyderabad-based engineering and geographic information services provider, is planning to acquire two companies in the US by the end of this financial year.
“These buyouts will range between $10 million (approximately Rs 47 crore) and $20 million (Rs 94 crore) each,” said chairman and managing director B V R Mohan Reddy, on the sidelines of a Nasscom-PricewaterhouseCoopers press conference here today.
The company, he said, was looking at acquiring candidates that could complement its domain knowledge and add to what it was not doing now, like geographical information systems-related telecom engineering.
“Our focus is on improving our presence in the US, which at present contributes 47 per cent to our overall revenues. Our merger and acquisition division is very close to sealing the buyout deals by this fiscal end,” he said, adding the buyouts would be funded through the cash surplus of $80 million (Rs 376 crore) the company currently has.
In FY09, Infotech had acquired California-based semiconductor design company Time to Market (TTM), which became its wholly-owned subsidiary in October 2008, and picked up a 10 per cent stake in Pune-based Tele-Atlas Kalyani India Ltd for an undisclosed amount.
With the increasing business, Infotech will be adding 500 engineers to its current workforce of 7,500.
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