Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Info-Tech
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Software Infinite looks for acquisition in banking, finance Vishwanath Kulkarni
BANGALORE, March 20 SOFTWARE services firm Infinite Computer Solutions India Pvt Ltd is scouting for merger and acquisition in the BFSI (banking, financial services and insurance) space. The company has given the mandate to one of the big four consulting firms to look out for potential targets both in India and the US, said Mr Upinder Zutshi, chief operating officer, Infinite. The company has also lined up funding of between $12 million and $15 million from a Singapore-based venture capitalist to fund its acquisition plans. "Once the target company is identified, we expect to sign the deal to raise necessary funds," he said. "We are looking out for a firm with a revenues between $5 million and $10 million, which can add expertise and domain skills to our BFSI practice and also bring in a strong client base in the US," Mr Zutshi said. Infinite expects to complete the acquisition by December 2003. Meanwhile the company, which shifted its headquarters to India about a year ago, now plans to build a development campus in Bangalore. It currently has one development centre in Bangalore. "We are investing about Rs 15-20 crore in the Bangalore campus, which would be spread over five acres in Whitefield," he said. The software campus is expected to be operational by early 2004. Infinite, which has about 240 professionals at its India operations, plans to double its headcount by March 2004. For the current year, the company has projected a consolidated revenue of $55 million, which includes that of its subsidiaries in the US and Singapore. "We are fairly on target and may end up the year with revenues between $52-54 million with a net profit of $5.2 million," Mr Zutshi said. Last year, the company reported revenue of $41 million. Infinite Computers, which provides services in the verticals like telecom, utilities, BFSI and healthcare, plans to get into the energy sector.
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