Hexaware to ramp India headcount
Software and BPO firm Hexaware Technologies plans to acquire an IT firm in the US or Europe for up to 40 million dollars (Rs 170 crore) to expand its overseas operations and expects to close the deal by the end of this year.
By PTI |
NEW DELHI: Software and BPO firm Hexaware Technologies plans to acquire an IT firm in the US or Europe for up to 40 million dollars (Rs 170 crore) to expand its overseas operations and expects to close the deal by the end of this year.
The company would also increase its staff strength in India by 1,000 to take the total headcount to 6,000 by the end of this year, Hexaware Technologies Executive Director P K Sridharan said.
He said the company has started scouting for companies in the US and Europe for expansion of its Enterprise Resource Planning (ERP) services in verticals such as travel, transportation, banking and financial services among others.
"The acquisition will be an all-cash deal and we expect to close this transaction by the end of this year," he added.
Sridharan said the acquisition would be in the range of 30-40 million dollar and would give the company a greater access in these markets.
Over 65 per cent of the company's revenues come from the US market and 26 per cent from its European business while Asia Pacific, including India, constitutes only 5-6 per cent.
The company had last year acquired a Mexico-based IT company Fox Frames for 34 million dollars (Rs 146 crore) to expand its software testing business.
Hexaware is now in the process of integrating the company with itself and the process would be completed by the end of this year.
Hexaware currently has about 130 clients and is adding 8-12 clients per quarter.
"We expect to continue this momentum in the coming years," Sridharan said.
The company recently opened its fourth development centre in India in Gurgaon. It also has centres in Chennai, Pune and Mumbai.
The Gurgaon centre currently has a seating capacity of 150 people. This will be increased to 1,000 in the next 2-3 years in a phased manner, he said.
The company also expects to complete its Chennai campus in the third quarter of this year, he added.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
