The Hindu Business Line : GPC picks up 20% in Azure for $32.5 m

Ahmedabad, Aug 13 The London-based strategic investment firm Greater Pacific Capital took a 20 per cent-plus stake in Azure Knowledge Corporation Pvt Ltd, an IT/ ITES player for $ 32.5 million, said Mr Pradeep Udhas, Managing Director, GPC India.

The money will be injected over a period of 18 months by GPC and used to fuel the inorganic growth of Azure, said Mr Jay Ruparel, promoter and Executive Director, Azure.

Acquisitions in the offing

Azure will undertake two acquisitions in the course of this financial year, he said. “We are in the due diligence stage of acquiring a domestic company in the BFSI space to be completed in the next 45-60 days and we are also looking for majority stake in an international company in Eastern Europe,” he said.

The acquired domestic company might continue to function as an independent entity and integration will happen at a later date, he added. But it will facilitate the entry of Azure in metros such as Kolkata and Delhi-NCR region. Azure aims for a pan-India presence with planned offices and delivery centres in Hyderabad, Mumbai and Bangalore. Currently, the company has delivery centres in Ahmedabad, Pune, China and Philadelphia in the US.

Way Ahead

The company reported a turnover of $8 million in financial year 2007-08 and expects to touch $15 million in the current fiscal. While US contributes 25 per cent and Europe 35 per cent to the topline, India contributes around 40 per cent and is expected to command 50 per cent, going forward, according to Mr Ruparel.

Post the stake sale, Mr Joe Sealy, Co-Founder-Promoter, GPC and former Managing Director in the investment Banking Division at Goldman Sachs, along with Mr Pradeep Udhas, Managing Director, GPC, India and former Global Partner-in-Charge Sourcing Advisory Services with KPMG, have joined the board of Azure.

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