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Intellectual property (IP) design and licensing company Ittiam Systems is scouting for acquisitions in the media processing and communications space.
The company currently works on verticals such as consumer electronics, video communication and networking systems, media broadcast systems and wi-fi communication, video surveillance and automotive infotainment.
“Ittiam is open to acquiring companies that would lead the company into newer verticals,” Mr Srini Rajam, Chairman and CEO of Ittiam Systems, told Business Line .
The Bangalore-based company works on developing IP and technology used in products such as smartphones, tablets, video communication & networking systems, media broadcast systems and wi-fi communication made by companies such as Cisco, Samsung and Motorola.
Pile of cash
“We are sitting on a good pile of cash and are open to acquiring companies with revenues of about $ 10 million,” Mr Rajam said. Last year, Ittiam entered the automotive infotainment space and will continue to invest in this area as everything today is becoming media-rich and there is a lot of demand, according to Mr Rajam. In 2012, the company expects this vertical to contribute about 10 per cent of revenues.
Organic & inorganic
The VC-funded company closed last year with Rs 100 crore revenues and is looking at both organic and inorganic means to grow the company. In 2011, majority of the revenue came from royalty, Mr Rajam said, adding that the US, Europe and are the largest markets for Ittiam.
The company's revenues come from IP licensing and royalty from about 300 customers across application verticals.
The company, set up by former Managing Director of Texas Instruments India Mr Rajam, is one of the few product companies in India which has received 30 US patents in the last 10 years and 30 more applications pending.
To execute its growth plans, Ittiam is planning to hire about 60 people this year - 40 of them being fresh graduates - to take the total headcount to about 250.
sushma.un@thehindu.co.in
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