Business Daily from THE HINDU group of publications
Saturday, Jul 07, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 07, 2007 ePaper |
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Info-Tech
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Mergers & Acquisitions Kaashyap Tech buys US co’s unit for $8.5 m
Our Bureau Chennai, July 6 Kaashyap Technologies Ltd (formerly Kaashyap Radiant Systems) has acquired the consultancy division of the New Jersey-based Logistics Solutions Inc for a consideration of $8.5 million. The company funded the acquisition through a $8.5-million GDR issue it floated earlier. The company is also planning to come out with a Rs 50-crore rights issue and another GDR issue. According to Mr A. Venkatramani, Chairman, Kaashyap Technologies (KTL), the initiative is a step towards providing a new thrust to the company’s growth. KTL was doing well focusing on the academic segment providing courses such as JAVA, E-Commerce as well as Web programming and networking. But, after the September 11, the company found itself with less work, he explained. The $13.5-million-turnover Logistic Solutions has clients from different verticals, including automotive, banking and finance. It maintains a staff strength of 200 programmers, marketing professionals and managers at its headquarters in Piscataway, New Jersey. KTL is getting back into the market with focus on SAP services, consulting and training, and has bagged six orders for SAP support and implementation, says Mr Sanjay Bharadwaj, CEO of the company. KTL also proposes to acquire ‘a large-size BPO unit’ here.
More Stories on : Mergers & Acquisitions | Consulting | Software
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