The Hindu Business Line : Subex Systems to raise $10 m through GDRs

The company will be acquiring "suitable" companies that operate in the same space. Speaking to Business Line, Mr Subash Menon, President & CEO, Subex Systems, said, "We are taking this money to be ready for whatever opportunities there will be ahead."

"We are in the process of expanding and improving our product offerings by acquiring suitable companies in our space. We are actively exploring acquisitions and the proceeds from this issue will be used to fund our acquisition programme, in part or in full," he said in a release issued by the company. Mr Menon refused to divulge details about the prospective acquisitions.

Net up 40 pc: Subex reported a 40 per cent rise in net profit at Rs 11.87 crore on the back of increased revenues.

Revenues grew by 48 per cent in Q3 to Rs 48.74 crore over corresponding quarter of FY05. Revenues from the products business grew from 50 per cent last year to 65 per cent.

The company is optimistic about meeting its expectations for the product business this year and is coming out with new versions of products: Ranger for fraud management and Incharge, a revenue assurance product.

Mr Menon said that 70 per cent of the revenues this quarter came from fraud management products.

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