Zicom set to acquire two companies for over $50mn
These acquisitions will help the company to increase its turnover between Rs 400-450 crore in the current fiscal as against Rs 291 crore in the last fiscal, market sources said.
"Zicom has already identified the targets, one in UK and the other in Chennai, and is at advanced stages of negotiations with them. Deals are to be signed within the next three months," they said.
When contacted, Zicom's Managing Director Pramoud Rao, however, declined to comment, saying, "We are definitely looking for acquisitions, but the time is not ripe yet to speak on the matter".
Sources, however, said that the target company in UK is a well-known developer of technology for security systems, a focus area for Zicom.
The company has also recently developed a technology for CCTV systems, which also attracts Zicom to grab it.