Financial Daily from THE HINDU group of publications
Wednesday, Feb 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 22, 2006 |
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Software Info-Tech - Mergers & Acquisitions Corporate - Private Placement Logix shortlists two US cos for buy-out — Board meet today to discuss fund-raising Vishwanath Kulkarni
Bangalore , Feb. 21 LOGIX Microsystems Ltd, a provider of enterprise business solutions, has shortlisted two US companies for acquisition and may conclude a deal sometime in the irst quarter of the next financial year, said the Managing Director, Mr Sanjay Soni. The company proposes to raise up to Rs 70 crore through private placement to fund the acquisitions and also expand its footprint in the US, Mr Soni said. Logix's board is meeting on Wednesday to consider the fund raising proposal. "The short-listed product firms operate in the same space as Logix. The acquisition will enhance our product portfolio and will significantly expand our customer base in the US, our main market," Mr Soni told Business Line. Logix's flagship product Izmocars, targeted at auto manufacturers and retails, helps them sell products online by using creatively designed and developed streaming multimedia content. Logix, which counts Yahoo US, Auto Nation and a host of auto manufacturers and dealers among its clientele, has close to 450 customers in the US. Logix expects a 100 per cent growth for the next 2-3 years, he added. For the December quarter, Logix reported a net profit of Rs 1.43 crore on net sales of Rs 3.17 crore against a net of Rs 51 lakh on sales of Rs 3.13 crore in the corresponding previous quarter last year. Logix added 45 new customers during the December quarter including the US-based Brown Automative Group, Sonnen Motoroars, Don Rosen Imports, Lehman Brothers Services India Pvt Ltd, and J P Morgan Services India Pvt Ltd among others. As of end-December Logix's order book position for Izmocars products stood at approximately $2.15 million.
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