The Hindu Business Line : GlobalLogic looking at small-ticket acquisitions

NEW DELHI: Outsourced software development firm GlobalLogic on Sunday said it is looking at small acquisitions in the range of $30-35 million in India to consolidate its presence in the country besides planning to hire 600 people by the fiscal-end.

“In the current year, we plan to acquire 2-3 captives in India. It is a good market for consolidating small centres. The money that has been kept aside for 2-3 acquisitions is around $30-35 million which is a mix of stocks and cash,” GlobalLogic CEO, Mr Peter Harrison said.

He said the company plans to acquire small companies as they pose less risk, are easy to integrate and give better valuations.

Besides the acquisitions, the total spend in India in the current year is expected to be around $60 million which would include operational costs as well as capital expenditure.

GlobalLogic plans to hire around 1,000 employees globally, about 60 per cent (around 600) of which would be in India, he added.

The Washington-based company has a workforce of around 3,000, of which 1,600 to 1,700 employees are in India, around 1,100 employees in Ukraine and the rest in China. GlobalLogic has a presence in Noida, Pune, Bangalore and Nagpur. Globally, 60-65 pe r cent of GlobalLogic's work is done out of India. - PTI

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