Hexaware open to acquisitions in remote infra mgmt, BPO spaces

IT major, Hexaware Technologies, is open to inorganic expansion and would consider any good buy in the remote infrastructure management and BPO spaces, a top company official said.

"We are open to good acquisitions, especially in the remote infrastructure management and BPO spaces. We will look at those companies which we can integrate well with our work culture," Hexaware's Founder and Executive Chairman, Atul Nishar, told reporters here today.

With $79.5-million cash in hand, funding will not pose a problem, Nishar said, adding that the company was interested in companies in North America and western Europe.

However, no acquisition was on the immediate horizon, he said.

With its Q2 FY 09 revenue at Rs 2,591-crore exceeding its quarterly guidance and PAT vaulting 128.4 per cent at Rs 39-crore, the company was optimistic about its growth in the last two quarters of FY 09 as well as 2010, he said.

Hexaware's gross margin was up to 47.6 per cent as against 43.8 per cent last quarter while EBITDA margin imprived to 21.5 per cent, 670 basis points over Q1 FY 09.

The company added 10 clients during Q2 FY 09 and has cash of $79.5-million, adding $10-million during the quarter, he said.