Business Daily from THE HINDU group of publications
Tuesday, Sep 23, 2008
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Business Daily from THE HINDU group of publications Tuesday, Sep 23, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Mergers & Acquisitions Infotech Enterprises close to buy in Europe
Our Bureau New Delhi, Sept. 22 Hyderabad-based Infotech Enterprises Ltd is close to acquiring a European company operating in the auto engineering space, for an estimated value of $30-40 million. Infotech Enterprises – which last year raised $75 million from General Atlantic - has already inked into a letter of intent with the target firm and hopes to conclude the acquisition deal by December-end. “The opportunity in the market is quite huge, and to tap this opportunity, companies cannot position themselves as an offshore outsourcing company, but have to be an end-to-end service provider. Local presence in large markets is critical and this proposed acquisition will give us local foothold and access to large clients,” Mr B.V.R. Mohan Reddy, Chairman and Managing Director, Infotech Enterprises Ltd, said launching the company’s new facility at Noida. Offshoring of engineering services is estimated to be a $40-billion opportunity for the Indian software services sector by 2020, according to a report by Nasscom and Booz Allen Hamilton which, in 2006, had identified globalisation of engineering services as the next growth frontier for India. US acquisitionInfotech Enterprises has recently acquired US-based Time To Market, a company focusing in the hi-tech design services, VLSI design and software design arena. “Its revenue stood at $7.5 million last year and this year it will be about $10 million. It has 120 people of which 40 are based in Santa Clara and about 80 in Hyderabad. The Shareholders’ Agreement has already been signed with the company and the deal is expected to close by the month-end,” Mr Reddy said, adding that the company is also looking at more acquisitions in the hi-tech consumer electronics and medical electronics space. Infotech Enterprises’ past acquisitions include London based Dataview solutions, Germany based Advanced Graphics Systems and US based Vargis. Noida facility The new facility in Noida (near Delhi) has a built-up area of 45,000 sq. ft. “The facility has 600 seats and can house 1,000 professionals. We already have 850 people here and will add more people soon,” Mr Reddy said. Infotech Enterprises also has facilities in Hyderabad and Bangalore. Infotech to acquire US chip design services co Infotech scouting for buys; tier-III cities in growth plan More Stories on : Mergers & Acquisitions | Software
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