The Hindu Business Line : Prithvi Info shortlists 6 cos

Hyderabad March 22 Prithvi Information Solutions Ltd on Thursday said that they have identified about six companies for acquisition and expects to close one of these within the next three to four weeks.

The company had recently raised about $50 million to fund its acquisition-led growth, from Lehman Brothers.

The Founder and Chairperson of Prithvi, Ms Madhavi Vuppalapati, said, "These target companies are now being evaluated and we expect to close the deal before the end of this fiscal. The services of Ernst & Young and Batliboi have been enlisted to help in due diligence of these companies."

"All of these companies complement the areas we function in and the buys would range between $3 million and $12 million each and the first acquisition, of a company engaged in insurance and healthcare services with operations in the US and India, would be concluded in early April," she told Business Line.

"We are heading to be a $150-million (about Rs 675-700 crore) company this year ending March 31, with 1,700 people, 1,200 of them in the US. By the end of next fiscal, we expect to add about 1,000 more in Hyderabad and about 300 in the US, thereby, bringing onshore and offshore resources to 50:50," she said.

Offshore development

After the successful IPO, wherein the company raised Rs 150 crore, it has strengthened its offshore development capability and is in the process of completing the development centre in Hyderabad, which will have the capability to host about 3,000 people, she said.

Recently, the company restructured its operations, both in India and overseas, with new marketing teams and three new marketing centres — one in Amsterdam, Dubai and Qatar.

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