US-based CSS acquires two firms; eyes at $140 mn turnover

CHENNAI: Technology solutions provider Cybernet-Slashsupport ( CSS) Corporation has acquired two US-based companies in "an all cash transaction deal" to consolidate its Information Technology and telecommunications portfolio, a top company official said here on Tuesday.

Glow Networks engaged in telecommunication service business and InteQ, a remote infrastructure management services firm, were acquired by the California-headquartered CSS in an "all cash deal" recently, CSS CEO Nick Sharma told reporters here.

However, he declined to divulge details on the financial transactions. He said the acquisitions were an 'important milestone' for the company and expressed confidence that its turnover would cross the USD 100 million mark by next year.

'We are a USD 80 million company. (From the acquisitions) Organically, we are expecting to reach USD 125 million - USD 140 million by next year', he said.

He termed the acquisitions as 'a very good buy' for CSS Corporation and added that the company's balancesheet "was healthy" enough to fund them.

The Glow Networks was valued to be of USD 25 million firm and InteQ was USD 125 million company, he said adding CSS would add about 500 employees for both companies this year.

Through the acquistion, CSS would provide design, deployment and operations of 2G, 4G, packet and optical networks and also cater to network equipment vendors.

It would also help CSS to provide unified communication services design, operations and support for enterprises and service providers, he added.

CSS Corporation's 85 per cent of income was generated from US, seven per cent from Europe and rest from their operations in India, Singapore and Australia, company officials said.