Business Daily from THE HINDU group of publications
Friday, Oct 19, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Oct 19, 2007 ePaper | Mobile/PDA Version |
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Info-Tech
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Mergers & Acquisitions Quintegra acquires US co for Rs 198 cr Our Bureau Chennai, Oct. 18 Quintegra Solutions Ltd, a Chennai-based information technology company, has acquired the US-based PA Corporation for Rs 198 crore to strengthen focus on IT consulting services. The company will pay $20 million (Rs 80 crore) in cash as advance and the balance will be paid based on ‘financial milestones’ in the next three years, Mr Shankarraman Vaidyanathan, Chairman and Managing Director, Quintegra, told reporters. State Bank of India will provide debt funding to the tune of $20 million as foreign currency term loan to Quintegra, he said. Profit, revenueThe acquisition will help Quintegra report a profit of Rs 50 crore on revenue Rs 400 crore for the fiscal ending March 31, 2008, against a net profit of Rs 7 crore on revenue of Rs 75 crore last fiscal. The combined entity will have around 1,000 employees, including 350 of PAC, he said. The American company had a profit of Rs 24 crore on revenue of Rs 244 crore for the year ended December 31, 2006 and is likely to report a profit of Rs 28 crore on revenue of Rs 280 crore for the current year. On the Bombay Stock Exchange, the share price of Quintegra closed at Rs 117, a 2.86 per cent increase over the previous day’s closing price of Rs 113.75. More Stories on : Mergers & Acquisitions | Software
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