| India’s leading managed IT service provider Netmagic Solutions may look at an acquisition and a fresh round of fund-raising for its expansion over the next 6-12 months, a top company executive said.
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| “We are looking at an acquisition, particularly in the sphere of application and database management...We are in talks with some companies, but there is no immediate announcement,” Netmagic CEO and MD Sharad Sanghi said.
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| “We are looking for the right fit (for acquisition) and it is possible in the next 6-7 months,” he added.
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| Netmagic specialises in internet data centres, managed hosting and network operations and recently began offering remote infrastructure management.
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| In February, the company received Rs 80 crore in the form of PE investments from Fidelity International and Nexus India Capital. It could look at a fresh round of fund raising, through debt, in order to expand its managed IT networks and remote infrastructure management business.
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| “We will raise more funds in 12 months through some debt...It could be a few hundred crore,” he said.
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| Sanghi said the proceeds of the earlier round of funding will be deployed in setting up new data centres at Mumbai, Delhi and Chennai. It already has data centres in Mumbai and Bangalore and a virtual data centre in the United States.
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| Commenting on the impact of a possible recession in the US, Sanghi said there was a slowdown in average revenue per customer amid strong growth. |
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