Omnitech plans another overseas buy this year

PTI Mumbai | Updated on November 10, 2017 Published on January 06, 2011

At the computer - C Venkatachalapathy, Cuddalore.   -  THE HINDU

After announcing its first overseas acquisition on Thursday leading mid-sized IT firm in the SME segment Omnitech Infosolutions said it plans another buyout this year and is also looking at raising around Rs 67 crore through QIP over the next six months.

“We have already acquired 100 per cent stake in Avensus. We are looking at our second acquisition in this calendar year itself. Hopefully we should be back with you with the results soon. We are scouting for opportunities in the US and Europe for this,” Omnitech MD & CEO Mr Atul Hemani said after announcing takeover of Dutch IT firm Avensus Netherlands for $9 million.

“We are exploring several options for fund-raising too and QIP (qualified institutional placement) is one route. We may raise around $12-15 million (Rs 54-67 crore) through QIP over the next six months,” he said.

The funds raised from the proposed QIP will be used to fuel the company’s expansion plans, both domestic and overseas, mainly in Europe and the US through acquisitions over the next two years, Mr Hemani added.

“Acquisitions are part of our growth strategy. We are looking at organic as well as inorganic to increase our geographic spread. We also plan to diversify and foray into healthcare and retail segment,” Mr Hemani said.

The Mumbai-based mid-cap firm provides IT services like remote infrastructure management, application management, performance management, business continuity services and domain specific services.

The company is also exploring opportunities of organic growth in India and Africa, Mr Hemani said, adding it plans to open more offices in New Delhi, Pune and Bangalore. At present, it has three global technology centres - Mumbai, Navi Mumbai and Hyderabad.

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Published on January 06, 2011
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