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Aspire Systems, a Chennai-based mid-size technology company, has acquired Applied Development, a Belgium-based IT offshoring company that develops software for European customers in India.
The cost of acquisition was not disclosed.
In the last six months, this is the second acquisition by Aspire, which in December acquired the Hyderabad-based Versant Technologies.
“Versant gave us capabilities on retail, distribution and consumer goods vertical while Applied Development will help us expand in Europe particularly in the Benelux region,” Gowri Shankar, Chairman and CEO, Aspire, told Business Line .
Founded by Bipin Nambiar and Ivan Vercruysse in Belgium, Applied Development has nearly 50 employees (40 in India).
It has revenue of around ₹10 crore and around 10 customers.
Team moved to AspireApplied Development will be renamed Aspire Systems N.V and its team in Chennai has been moved to Aspire’s campus in Siruseri, Shankar said.
According to Shankar, the two small acquisitions will give Aspire incremental revenue of around $4 million.
The company ended the financial year March 31, 2014 with revenue of around $31 million. “Our target is to reach $42-45 million this year,” he said.
The acquisition of Applied Development will take the company’s employee strength to around 1,400, he said.
Aspire wants to be a $100-million company in three to four years.
The company will continue to look for small acquisitions to reach that target, Shankar has told earlier.
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