Geodesic in talks to buy US-based firm

Geodesic in talks to buy US-based firm

Mumbai: Communications products maker Geodesic Ltd is in talks to acquire a US-based mobile payments firm and hopes to close a deal by August, a top executive told Reuters on Monday.

The company has been scouting for acquisitions worth about $15-20 million, particularly in areas of content delivery to supplement its communication vertical, managing director Kiran Kulkarni said in an interview.

“The same company is being approached by at least 2-3 companies along with us. That’s where we are, but we believe we will be able to score because India is an attractive market today for mobile payments."

The deal, if conculded, would be funded via internal accruals, he added.

The company intends to double revenue from the government segment in FY12 from Rs150 crore this fiscal, as it strengthens its presence in e-governance and forays into the power segment with a new product.