Infinite acquires US company
The acquisition marks Infinite's strategy to shift to telecommunication solution-centric segments as the major and key vertical areas, Upinder Zutshi, CEO of the company said.
By PTI |
BANGALORE: Infinite Computer Solutions (I) Pvt Ltd, a leading global IT solutions and services provider on Friday announced the acquisition of US-based Comnet International Company, a telecommunication focussed outsourced product development and IT company.
The acquisition marks Infinite's strategy to shift to telecommunication solution-centric segments as the major and key vertical areas, Upinder Zutshi, CEO of the company said.
He, however, refused to disclose the size of the deal. The company also plans to invest $30 million in the next 12 months in building competency and expertise and enhancing its current engine of growth, he said.
"Infinite will actively pursue the inorganic route as part of our global expansion plans and growth strategy. We are looking at more such acquisitions in the telecom sector to ensure that we become a global telecommunications service provider", Upinder said.
Spelling out its future plans, Upinder said Infinite which has crossed the 100-million mark revenue, planned in reaching the $300 million mark in FY 2010. It also planned to reach the global employee base of 7000 by that time.
Speaking on the acquisition, he said Comnet would be a wholly-owned subsidiary of Infinite. Comnet will retain its current structure and presence in the US and India.
It will operate as an autonomous subsidiary by the current management and be supported by Infinite's strong balance sheet and global resources in the US, Europe, India and APAC to provide increased value and service to customers.
The acquisition marks Infinite's strategy to shift to telecommunication solution-centric segments as the major and key vertical areas, Upinder Zutshi, CEO of the company said.
He, however, refused to disclose the size of the deal. The company also plans to invest $30 million in the next 12 months in building competency and expertise and enhancing its current engine of growth, he said.
"Infinite will actively pursue the inorganic route as part of our global expansion plans and growth strategy. We are looking at more such acquisitions in the telecom sector to ensure that we become a global telecommunications service provider", Upinder said.
Spelling out its future plans, Upinder said Infinite which has crossed the 100-million mark revenue, planned in reaching the $300 million mark in FY 2010. It also planned to reach the global employee base of 7000 by that time.
Speaking on the acquisition, he said Comnet would be a wholly-owned subsidiary of Infinite. Comnet will retain its current structure and presence in the US and India.
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It will operate as an autonomous subsidiary by the current management and be supported by Infinite's strong balance sheet and global resources in the US, Europe, India and APAC to provide increased value and service to customers.
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