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Infotech Enterprises in acquisition mode

Infotech Enterprises in acquisition mode
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First Published: Mon, Sep 22 2008. 11 57 PM IST
Updated: Mon, Sep 22 2008. 11 57 PM IST
New Delhi: Software services company Infotech Enterprises plans to acquire three companies by the end of the current fiscal and has set aside Rs. 300 crore for the acquisitions. Infotech said it is in talks to acquire a Germany-based auto-engineering firm for $30 million - 40 million but did not name the company.
Infotech Chairman and managing director B.V.R.Mohan Reddy said, “We have a letter of intent which is written. We are in the exclusivity period. If everything goes in time, we’ll complete the acquisition by December end.”
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Earlier this month, Infotech had said it was acquiring California-based chip designer Time to Market Inc. The company also said it had entered the Japanese market recently and appointed three local sales managers there.
The company, which said 45% of its revenues come from the North American market, 45% from European operations and 7% from Asia Pacific.
So, how is it dealing with the financial crisis in the US? “What we are doing at this point of time is to exhibit tremendous amount of cautious optimism, making sure we don’t go away throwing our good money after bad money. As a prudent entrepreneur, we are cautious about it but we are not pulling back any of our spends,” says Reddy.
The company, which has clients across aviation, telecom and utilities, has a revenue target of Rs900 crore for the current fiscal. It is looking at expanding its presence in northern India and has opened a new facility in Noida, near Delhi.
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First Published: Mon, Sep 22 2008. 11 57 PM IST