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R. Savitha

"The acquisition is to gain a foothold in the southern States of the US where currently KPIT has no presence.

Pune , Dec 29

CLEARANCE for the acquisition of the Houston-based IT Consulting company, Panex Consulting, is how the Pune-based KPIT Cummins Infosystems Ltd., would like to herald the New Year.

Talking to Business Line, Mr Ravi Pandit, Chairman, KPIT Cummins, said the board of directors, which met on August 23, had approved of the acquisition of Panex . Now the proposal was with the Securities and Exchange Board of India. The approval is expected in January.

Panex Consulting has revenues of $7 million per annum, and specialises in SAP implementation, especially in business intelligence.

Mr Pandit said that the acquisition was to gain a foothold in the southern States of the US where currently KPIT has no presence. He said Panex has about five clients of which three were ``star'' customers, one of them being Hewlett-Packard.

According to a news alert on December 28, on the Panex Consulting Web site, Panex Consulting has announced that it has agreed to be acquired by KPIT Cummins.

KPIT provides end-to-end software development and maintenance services through 3 development centres in Pune and global subsidiaries in the US, the UK, the UAE, and Japan. KPIT Cummins has also extended its reach through partnerships in Switzerland, France, Sweden, Australia, Qatar and Kuwait.

Asked whether there were any other acquisitions on the anvil, Mr Pandit said currently there were none but ``but the company would continue to keep a watch out for companies in its two strong verticals, manufacturing and banking and finance segment.''

The company had laid down certain guidance rules in which the company was has projected a topline growth of Rs 110 crore and a bottom line growth close to Rs 14 crore. For the year ended 2002-03, KPIT Cummins had recorded a topline growth of Rs 72 crore. The company was expecting to cross both the guidance levels, he added.

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