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Infotech plans two buyouts in US for up to $40 million

Date: 26-11-2009

Infotech Enterprises, a Hyderabad-based engineering and geographic information services provider, is planning to acquire two companies in the US by the end of this financial year. These buyouts will range between $10 million (approximately Rs 47 crore) and $20 million (Rs 94 crore) each.

 

The company is looking at acquiring candidates that could complement its domain knowledge and add to what it was not doing now, like geographical information systems-related telecom engineering. Its focus is on improving presence in the US, which at present contributes 47 per cent to the overall revenues. The buyouts would be funded through the cash surplus of $80 million (Rs 376 crore) the company currently has.

 

In FY09, Infotech had acquired California-based semiconductor design company Time to Market (TTM), which became its wholly-owned subsidiary in October 2008, and picked up a 10 per cent stake in Pune-based Tele-Atlas Kalyani India Ltd for an undisclosed amount. With the increasing business, Infotech will be adding 500 engineers to its current workforce of 7,500.crackcrack