Hexaware looks for buys in US & Europe

CHENNAI: Hexaware Technologies is looking to buy an IT company in Europe or USA for $20 million to $40 million, a top executive said. The company has cash balance of over $70 million.

Mr Atul Nishar, Executive Chairman Hexaware told reporters in the sidelines of a seminar in Chennai on Thursday that the company was looking out for an IT firm in ERP (enterprise resource planning) space in BFSI or transportation domains.

“We are looking for a company that would add strategic value to us, not just revenues or profits,” he said. Private Equity player General Atlantic, which has a 15% stake in Hexaware, would validate the acquisition, he added. Hexaware bought out US-based testing consulting company FocusFrame for $34.3 million last November. “So, our next acquisition would preferably be in Europe, even though we are looking at US companies too,” he said.

Mr Nishar said the company was looking at both acquisitions and investment in infrastructure for its growth. It’s Chennai campus would be ready by third quarter of 2007. It has also acquired land for additional campuses in Pune and New Delhi. The company posted revenues of $187 million in calendar year 2006.