Maples awaits RBI nod for US buy

Maples ESM Technologies, an IT management company, plans an acquisition of an applications services (middleware) company in the US.

The company is awaiting clearances from the Reserve Bank of India to complete the acquisition, N Ram Subramani, founder president and managing director, Maples ESM said at a press briefing to announce the opening of its second development centre here.

"We are interested in acquiring a 2-year old company in the US which has 28 people on its rolls and three major clients," said Subramani, refusing to disclose any further details.

Maples has 140 people on its rolls in Pune and it will add another 500 at the second centre.

The company has a total head count of 11,00 employees spread across seven centres in Chennai, Pune, Bangalore, Hyderabad and Coimbatore. "By March 2009 we will be a 500 people company," said Subramani.

Next on the cards is the launch of its Noida development centre. For further expansion, the company is also looking at Kolkata and Thiruvanathapuram as prospective locations.

As of March 2007, Maples had revenues of $10 million and is estimating to close the current fiscal with a revenue of $30 million and $75 million by March 2009. The revenues are expected to mainly come in from the US and Japan markets, he said.