Teledata set to acquire UK firm

Teledata Informatics, provider of software solutions for the marine and education industry, is close to snapping up a UK-based software solution company which operates in the utilities vertical.

The company is currently conducting due diligence on the UK firm and hopes to sign the deal in the next three months. The acquisition will be funded out of the $8 million Teledata had raised through its maiden global depository receipts (GDR) issue.

Teledata completed the GDR issue of nine lakh shares priced at $8.89 each, earlier this month.

"We aim to utilise the proceeds of the GDR issue for acquiring companies specialising in utilities such as power, gas and water, enterprise resource planning, customer relationship management and supply chain management. We have already zeroed in on five companies and are hoping to close the first of these in three months from now," said K Padmanabhan, managing director, Teledata Informatics.

Teledata has also expressed interest to invest in National Online Learning Project, a Thailand government-owned company.

According to the proposal, Teledata will acquire 75 per cent of the equity of the company, while the government of Thailand will continue to hold the rest.

Teledata has a joint venture arrangement with the Economic Development Board of Singapore where they have jointly invested in Teledata Marine Systems, a marketing outfit for Teledata's marine software solutions.

The company ended the last financial year with a turnover of Rs 44 crore. In the current fiscal, Teledata recorded revenues of Rs 45 core in the first quarter.