Idhasoft close to sealing 2 US acquisitions worth Rs 200 crore
IT major, Idhasoft, is close to sealing two acquisitions worth Rs 200 crore in the US.
By PTI |
MUMBAI: IT major, Idhasoft, is close to sealing two acquisitions worth Rs 200 crore in the US, a top company official said.
"We are hopeful of completing the first acquisition by end-August and the second by September 30," Idhasoft's Chief Executive Officer, Alok Pathak, said here.
While Pathak would not divulge the identities of the two target companies, he said that they were medium-sized ones with a strong customer-base.
"Acquiring them would help us in augmenting our customer-base," he said.
While one company is in the B2C domain with Fortune 50 clients, the other is in the business intelligence, ERP and business process re-engineering space with several Fortune 100 clients.
The acquisitions are proposed to be funded through a combination of debt and equity, Pathak said, adding equity would comprise of Rs 80 crore and debt of Rs 120 crore.
"We will be diluting some equity and are in talks with blue-chip private equity (PE) players. We plan to take a couple of them aboard," Pathak said, without, however, revealing their identities.
Post receipt of funding from the PE players, the promoters' holding would stand at 72 per cent while the PE players would hold 12 per cent. The balance 16 per cent would be held by high networth individuals (HNIs) and co-owners of the companies acquired, Pathak said.
Aided by these acquisitions which would add substantially to its topline, the company is on track to achieve the Rs 1,000 crore turnover mark in the next 15 months, Pathak said.
"We are hopeful of completing the first acquisition by end-August and the second by September 30," Idhasoft's Chief Executive Officer, Alok Pathak, said here.
While Pathak would not divulge the identities of the two target companies, he said that they were medium-sized ones with a strong customer-base.
"Acquiring them would help us in augmenting our customer-base," he said.
While one company is in the B2C domain with Fortune 50 clients, the other is in the business intelligence, ERP and business process re-engineering space with several Fortune 100 clients.
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Idhasoft is a rapidly-growing IT services provider in retail banking, financial services, manufacturing, healthcare and insurance domains and its clients include leading Fortune 500 companies. The acquisitions are proposed to be funded through a combination of debt and equity, Pathak said, adding equity would comprise of Rs 80 crore and debt of Rs 120 crore.
"We will be diluting some equity and are in talks with blue-chip private equity (PE) players. We plan to take a couple of them aboard," Pathak said, without, however, revealing their identities.
Post receipt of funding from the PE players, the promoters' holding would stand at 72 per cent while the PE players would hold 12 per cent. The balance 16 per cent would be held by high networth individuals (HNIs) and co-owners of the companies acquired, Pathak said.
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Idhasoft, which has a headcount of 1,000 presently (US-650 and India-350), plans to augment it by 500 in Q2 this fiscal. "Of this, we plan to add 120 personnel in India while the rest would be added in the US," he said. Aided by these acquisitions which would add substantially to its topline, the company is on track to achieve the Rs 1,000 crore turnover mark in the next 15 months, Pathak said.
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"We will also be more than doubling our PAT to around Rs 50 crore," he said. Download
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