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| Kavveri Telecom acquires majority in Canadian firm |
| BS Reporter / Chennai/ Bangalore Jul 03, 2009, 00:29 IST |
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Kavveri Telecom, a manufacturer of antennas and radio frequency (RF) products for the wireless industry, has made its third acquisition in Canada. The Bangalore-based company, which reported revenues of Rs 180 crore in fiscal 2008-09 (this does not include about Canadian $7.5 million, around $6.5 million, in revenue made by it’s North American subsidiaries), has acquired a 67 per cent stake in Trackcom Systems International (TSI), a design and development company based out of Montreal for an undisclosed amount.
The company intends to acquire the rest of the stake of TSI in the next 4-5 years. TSI, which employs about 20 R&D engineers, sells its technology to North American companies like Axcera and Harris Stratax, who in turn sells them to defence and telecom establishments. The acquisition will help Kavveri to have access to the RF products and antennas upto 40 Ghz which is used for space, defence and telecom applications.
“The acquisition of TSI is in line with our company’s strategy for global markets. This acquisition brings additional high technology products into our portfolio which will strengthen Kavveri’s position in defence, space and telecom markets,” Shivkumar Reddy, managing director, Kavveri Telecom said. Kavveri has a cash reserve of about Rs 30 crore. The acquisition of TSI has been funded through internal accruals, said the company.
Kavveri has so far made three acquisitions in Canada including DCI Digital Communications, a radio frequency interference products manufacturer, Til-Tek Antennae and Spotwave Wireless.
Some of Kavveri Telecom’s clientele in India include Motorola, Ericsson, Nokia-Siemens, Nortel, ZTE, Alcatel-Lucent, Vodafone Essar, Idea, Reliance, BSNL and WorldSpace.
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