Omnitech close to sealing European buy for $15 million

MUMBAI: Leading IT company in the SME segment, Omnitech Infosolutions, is eyeing a five-fold growth in its topline at Rs 1,000 crore by FY 13 and is close to sealing an acquisition in Holland by next month, a top company official said.

The BSE-listed mid-cap firm had posted a revenue of Rs 216 crore in FY 10 and expects a 30 per cent growth this fiscal.

"We are all set to close an acquisition deal worth USD 15 million with a Holland-based IT firm in the next 30 days. The company (to be acquired) provides infrastructure and management services. With this buy-out, we expect a 100 per cent growth going ahead. We are expecting our topline to touch the Rs 1,000 crore mark by FY 13," Omnitech's Managing Director, Atul Hemani, told PTI here today.

The company has also lined-up a series of acquisitions in Europe, the US and UK over the next two years and has shortlisted four firms in these geographies, of which one is in Boston.

"We are very aggressive on acquisitions and plan four buy-outs. Of these, Holland will be closed next month. In the next six months, we will be closing another deal with a Boston-based company in application service. The buy-outs will help us penetrate more geographies and help grow the topline as well as the bottom line as all the firms are EPS-accretive," Hemani said.