US-based CSS acquires two firms; eyes $140 mn turnover
Press Trust of India / Chennai May 11, 2010, 16:16 IST
Technology solutions provider Cybernet-Slashsupport (CSS) Corporation has acquired two US-based companies in an all-cash deal to consolidate its IT and telecommunications portfolio, a top company official said here today.
Glow Networks, engaged in telecommunication service business, and InteQ, a remote infrastructure management services firm, were acquired by the California-headquartered CSS in an "all-cash deal" recently, CSS CEO Nick Sharma told reporters.
However, he declined to divulge details on the financial transactions.
He said the acquisitions were important milestone for the company and expressed confidence that its turnover would cross the $100 million mark by next year.
"We are an $80 million company. (From the acquisitions) Organically, we are expecting to reach $125- 140 million by next year," he said.
He termed the acquisitions as "a very good buy" for CSS Corporation and added that the company's balancesheet "was healthy" enough to fund them.
The Glow Networks was valued at $25 million and InteQ at $125 million, he said, adding that CSS would add about 500 employees for both the companies this year.
Through the acquisition, CSS would provide design, deployment and operations of 2G, 4G, packet and optical networks and also cater to network equipment vendors.
It would also help CSS to provide unified communication services design, operations and support for enterprises and service providers, he added.
CSS Corporation's 85 per cent income was generated from the US, seven per cent from Europe and rest from their operations in India, Singapore and Australia, the company's officials said.
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