Glodyne Technoserve eyeing US acquisition

"The company has already shortlisted three companies and the due diligence processes have reached at advanced levels," said a source close to the development. However, the names of the companies could not be ascertained.

Glodyne had earlier acquired two companies. It had acquired two US-based companies, LGI for an all-cash deal of $4.75 million in March this year and Front Office Technologies for $3.34 million in November.

When contacted Glodyne Chairman and Managing Director Annand Sarnaik said the company was looking for inorganic growth, and was in talks with a number of players. He, however, declined to provide the specifics of the discussions.

"There are a lot of opportunities in the industry, which is pegged to be around $150 billion. The Indian IMS industry is in a nascent stage, not even two per cent of the global business, and we intend to expand in these sectors," he said.

Glodyne focuses on infrastructure management and services. It has two products - FinworQ and HRwrQ - in development.

Its clients includes JM Morgan Stanley, Sidbi, Bank of India, Corporation Bank, Punjab National Bank, Nabard, Bank of Baroda, Rochem Separations Systems, Globus Stores, ONGC, UTV, Outlook Publishing, Indian Navy, Geometric Software, KPIT Cummins and Syntel.