Datamatics plans foreign acquisition

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 21, 2012 -- New Delhi: Datamatics Global Services, the global IT and KPO company, is looking at acquiring companies in the information technology space. The Mumbai-based company is in talks with companies both in the US as well as in India. Last year, Datamatics had acquired the US-based Cignex and an Indian company Vista, both in the IT space.

“We are at present talking a few companies both in India and abroad. But nothing has come concrete as yet. We have lined up a warchest of about $40 million. We would either buy a single company or at the most two companies in the given budget,” Rahul Kanodia, vice-chairman & CEO, Datamatics Global Services, said.
Kanodia said the company is looking for acquisition for expanding financial and accounting services business. Datamatics is looking for acquiring a company that gives us financial and accounting solutions market in the US, UK and India.

At present, Indian component in the company’s overall business is low at 10%. The company is aiming to increase the India business to around 20-30% of total revenues by 2015. Datamatics is on a growth path, aiming at a top line of R420 crore in FY12 as compared to R270 crore top line in FY11. It is also looking at increasing the headcount across verticals by around 1,500 odd people.
Asked about the impact of eurozone meltdown on Indian IT space, Kanodia said, “The slowdown in the european countries has not had any impact on our operation so far. But a little bit of impact could be witnessed next fiscal in form of paring of growth.”
Kanodia also said the company is looking at opening work operations in tier-I and tier-II cities because of the cost benefit it will get in such cities....

CIGNEX     Datamatics     financial and accounting servi     IT and KPO     vista