Financial Daily from THE HINDU group of publications
Thursday, Jan 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 08, 2004 |
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Info-Tech
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Outsourcing Corporate - Mergers & Acquisitions IL&FS picks up stake in Datamatics Our Bureau
Mumbai , Jan. 7 IL&FS through IL&FS Investment Managers Ltd (IIML) has acquired a minority stake in Datamatics Technologies Ltd (DTL), the city-based third party business process outsourcing company promoted by Dr Lalit Kanodia. The amount raised from IL&FS Investment Managers will be used to fund overseas acquisitions. According to an official release, IL&FS has invested in Datamatics Technologies owing to its emergence as a large third-party pure play BPO in the country after its (DTL's) acquisition of CorPay Solutions Inc in an all-cash deal. The US-based CorPay is a $13-million company specialising in finance and accounting BPO services. The acquisition was funded through internal accruals, the statement said. The statement, quoting to Mr Shahzaad Dalal, Vice-Chairman, IIML, said Datamatics Technologies had good growth potential as it was at the forefront of the BPO wave. Its order pipeline along with DTL's domain expertise and clientele would ensure shareholder wealth creation. "The investment is in sync with our overall strategy of investing in mature companies in the technology space," he said. IL&FS Investment Managers has invested Rs 30 crore in three BPO companies to date, each specialising in different segments. It currently has Rs 800 crore under management. DTL operates in the publishing, financing and accounting, human resources, insurance and healthcare domains. It also offers consultancy services in the document management, workflow, and data warehousing space. DTL had closed the last financial year with Rs 60 crore turnover and is targeting a 50 per cent growth, it added. When combined with CorPay's revenues of $13 million, DTL's total revenues would be Rs 10 crore, the statement said.
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