Kaashyap Tech to acquire US company

Chennai-based training and SAP implementation company, Kaashyap Technologies Limited (KTL), is in the process of acquiring a logistics solutions company in the US. It is also scouting for a joint venture in Philippines for SAP infrastructure and for recruiting and training people.

"KTL is in an advanced stage of discussion with a company with core competency in the ERP area in the mid west region of US," chief executive officer, Sanjay Bharadwaj, said.

According to Bharadwaj, the targeted company has a turnover of $20 million and the acquisition will strengthen and consolidate KTL's position as a SAP player. KTL expects to register $35 million in the next two years from the American company.

He said KTL had already floated global depository receipts (GDR) of $8.5 million and was planning another GDR for $17 million to finance its organic and inorganic growth plans.

At present, he said, KTL has two major projects in the pipeline, including a Rs 500-crore project from the Karnataka government.

The company expects to post a revenue of Rs 100 crore in the current financial year.