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Adith Charlie

Mumbai, July 25 IT firm Glodyne Technoserve intends to more than treble its turnover by 2010 through focused play in the infrastructure management space and by acquiring companies that will augment its capabilities.

The listed company is targeting Rs 1,000 crore revenue in the next two years from Rs 307 crore reported in fiscal 2008, according to its Chairman and Managing Director, Mr Annand Sarnaaik.

“Opportunities available in the infrastructure management space give us the confidence to set steep revenue targets for ourselves. Moreover our revenues in the last three years have almost risen by four times,” said Mr Sarnaaik. In fiscal 2006, Glodyne had reported revenues to the tune of Rs 88 crore. According to a joint study by Nasscom and McKinsey & Co, India is positioned to capture $13-15 billion of the global opportunity in remote infrastructure management (RIM) by 2013.

RIM refers to the practice of managing the customer’s IT infrastructure such as networks and hardware, from a low-cost location like India. At present, RIM services revenues for the Indian IT industry stand at $3.2-3.6 billion.

Moreover, companies in a recession-hit economy such as the US (which is the largest market for the Indian IT industry) are resorting to more IMS outsourcing to cut costs and increase business efficiency, according to Mr Sarnaaik.

Currently, Glodyne derives about 75 per cent revenues from India while US accounts for the rest.

In order to strengthen its foothold in the IMS space, Glodyne is on the prowl for acquiring niche companies; its merchant bankers have been instructed to scout for buyouts in the range of $25-50 million, said Mr Sarnaaik.

“We intend to purchase companies that will either give us an entry into a new geography (UK) or provide us with key customers,” said Mr Sarnaaik. The company has set its eye on foraying into the UK by the current fiscal end.

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