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Glodyne to buy Comat Tech to expand e-governance biz

Glodyne to buy Comat Tech to expand e-governance biz
PTI
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First Published: Fri, Jun 10 2011. 02 52 PM IST
Updated: Fri, Jun 10 2011. 02 52 PM IST
Mumbai: Glodyne Technoserve said on Friday it has agreed to buy Comat Technologies, an Indian e-governance service provider, to beef up its presence in the government’s Unique Identification (UID) programme for an undisclosed amount.
Glodyne Tech, which provides infrastructure management services in India and US, will fund the deal with cash on hand and would not need to dilute any equity, it said.
“Comat has a robust pipeline in the UID business. Together, we would be the largest UID enrollment service provider,” chairman and managing director Annand Sarnaaik said.
The UID programme, dubbed Aadhar, is the Indian federal government’s initiative at building a biometric database of the entire country’s population.
The deal will be closed by the end of June and would start adding to Glodyne’s revenue from the September quarter, Sarnaaik said.
Comat, which recorded revenue of about $6 million in FY11, is currently working on projects with seven Indian states and will help Glodyne expand presence in these states. Glodyne is currently working with three states in the e-governance sector.
The Mumbai-based firm has also received letters of intent for e-governance projects in South India during the June quarter, Sarnaaik said, but stopped short of details.
With the addition of Comat, Glodyne expects to see 22-24% of its total revenue coming from e-governance projects in FY12 from 19% in FY11, he said.
The company expects to clock revenue of Rs 2,173 crore to Rs 2,193 crore in FY12.
Glodyne expects its FY12 consolidated Ebitda margins to show a slight increase to 19-20 percent from 18.28 percent in FY11, he said.
At 2.00 p.m., shares of Glodyne, which the market values at $391.65 million, were down 0.88% at Rs 395.80 rupees in a weak Mumbai market.
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First Published: Fri, Jun 10 2011. 02 52 PM IST
More Topics: Glodyne | Tech | e-Governance | Comat Tech | MAs |