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Our Bureau

Hyderabad, Sept. 8 Infotech Enterprises Ltd has announced its move to acquire San Jose-based firm Time To Market Inc (TTM) and its affiliates.

The development marks the entry of the Hyderabad-based engineering and GIS services provider into chip design and verification services.

The US company, with operations in California, Hyderabad and Bangalore, closed last fiscal with revenues of $7.5 million and the deal value will be finalised by October. Established in 1998, TTM has 130 employees; 80 in Hyderabad, 10 in Bangalore and the rest in the US. Once the acquisition is completed, the entity will be a subsidiary .

Addressing a press conference here on Monday, the Head of Manufacturing and Senior Vice-President, Infotech, Mr Krishna Bodenapu, said the move would mark the company’s entry into design and verification services for the high tech industry and also complement its growing engineering services business.

The market for engineering services is poised for a big jump and is projected to touch $200 billion for the hi-tech industry alone. India is poised to contribute to about $15 billion of this, Mr Ashok Reddy, President, Corporate Affairs, Infotech, said.

The Chairman and Managing Director, Mr B.V.R. Mohan Reddy, in a statement hinted that the company was on the look out for a couple of more acquisitionsThe acquisitions would p be in the engineering services and geospatial area, complementing existing businesses.

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