The Hindu Business Line : Kaashyap in pursuit of US acquisition

Hyderabad, March 20 Kaashyap Technologies Ltd, has announced it is in pursuit of an acquisition of a US-based company and is in the process of raising about $25 million to part fund it.

The Chief Executive Officer of Kaashyap, Mr Sanjay Bharadwaj, said that the company expects this acquisition to materialise within three months subject to necessary clearances and is likely to complement the company’s SAP services.

During his visit to their Hyderabad centre, Mr Sanjay told newspersons that the company had completed the restructure process and is now on course to profitability and expects to close this year with revenues of $20 million (about Rs 80 crore).

Fund raising

“To part-fund the expansion cum acquisition plans, we are in the process of raising $8.5 million through global depository receipts and another $17 million through a US-based financial institutions,” he said.

The company is also in the process of setting up facilities in Bangalore, Pune, Gurgaon and Kolkata.

Referring to couple of acquisitions that the company made in the last year, including Logic Solutions, Mr Sanjay said that these had been integrated with the company and are expected to contribute to its overall revenues.

More Stories on : Mergers & Acquisitions | Overseas Borrowings | Software

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