Infotech Enterprises plans to acquire three firms
Hyderabad-based Infotech Enterprises plans to acquire three companies by the end of the current fiscal for an estimated value of $20-30 million each. All of them are likely to be in hi-tech and automotive engineering services sector.
Infotech presently in talks to acquire a Germany-based auto-engineering firm for $30 million - 40 million but did not reveal the name of the company.
According to a report, the Offshoring of engineering services is estimated to be a $40-billion opportunity for the Indian software services sector by year 2020.
Recently, Infotech Enterprises has acquired California-based Time To Market, a company focusing in the hi-tech design services, VLSI design and software design arena.
The company, which has clients across aviation, telecom and utilities, expects to close the current fiscal with revenues of about Rs 900 crore. It is looking at expanding its presence in northern India, for which it is investing in another facility in Noida, which will come up in SEZ in the next six months.
Infotech Enterprises is also looking at expansion of its domestic presence. Presently, about 97% of its revenues come from exports.