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Ricoh India has acquired Momentum Infocare Private Ltd, a Noida-based IT company, with revenues of Rs 31 crore.
The size of the acquisition was, however, not made public.
This is Ricoh India's first business acquisition in the IT-related services, the company said in a statement.
“In order to ensure our rapid growth, we expect IT Services to be one of Ricoh India's main revenue stream by FY13.
“We are looking at strengthening our core business as our basic strategy.
“Additionally, we would also focus on the new business lines to further consolidate our strength,” said the Managing Director and Chief Executive Officer, Ricoh India, Mr Tetsuya Takano.
The company said that even as it would try to maintain its market leadership in its core business (imaging solutions), it would diversify into new business areas such as Production Printing, Managed Document Solutions and IT Services.
Pointing out that that this was the right time to join forces with Ricoh, the Director, Momentum Infocare, Mr Gurprit Singh, said that there was huge opportunities to leverage each other's strengths.
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