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Adith Charlie

To buy UK-based M consulting

Mumbai April 21 The city-based Infrasoft Technologies Ltd will spend $25 million (Rs 105 crore) in the next 12 months to increase its geographical reach and enhance its delivery capabilities

The company has agreed to acquire a UK-based company — `M consulting' — for $3 million (about Rs 12.6 crore). M consulting is a software services company in the insurance, financial and professional services sectors. "The company has about 15 senior-level consultants and a pool of strategic clients which we think will be a perfect fit for driving growth in the UK market, " said Mr Hanuman Tripathi, Managing Director.

The company has also earmarked an acquisition in the financial services space in the US with a $10-million (Rs 42 crore) price tag, added Mr Tripathi.

Infrasoft offers products and framework-based solutions ranging from enterprise-wide core banking solutions to solutions in anti money laundering, wealth management and Islamic banking.

The company is eyeing markets such as Japan and Hong Kong for its anti money laundering software (AML) "We will enter these geographies by the second quarter of the current fiscal. We would initially concentrate on marketing our AML offerings.

However, we will also invest in research for understanding the core banking market in these regions," added Mr Tripathi. The company has planned an initial investment of $7 million (Rs 29.4 crore) in these geographies. The new centres will act as offices for sales and onsite product management, he added.

The company has been allocated space near Pune for setting a 2,000-seater development centre. "Though we have not decided the outlay, we will be spending at least $5 million (Rs 21 crore) in the initial stages," said Mr Tripathi. The new centre will be ready by March 2008.

The company's expansion plans will be financed through a combination of debt, equity and private funding, added Mr Tripathi.

Infrasoft's net profit for fiscal 2006-2007 was Rs 12 crore on revenues of Rs 74 crore, said Mr Tripathi.

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