Omnitech eyeing overseas buy, hopes to seal deal by end-fiscal

MUMBAI: IT major, Omnitech InfoSolutions, is eyeing overseas acquisitions and hopes to seal at least one such transaction by end-this fiscal, a top company official said.

"We are hopeful of sealing a cross-border acquisition this fiscal. We are looking at opportunities in both the US and central Europe," Omnitech InfoSolutions' Managing Director, Atul Hemani, said here.

The company would prefer to make an acquisition in the BFSI space since it was a strong thrust area but would not restrict itself to that segment alone, he said.

"We are giving a strong thrust to our BFSI business but we are also eyeing buys in the telecom and pharma spaces," Hemani said.

Last year, when the economy was booming, Omnitech was close to sealing a deal with a US company but following the economic meltdown, the deal was put on the back-burner.

"One option is to revive talks with this company. The second is to look at other companies and we already have a few on our radar," Hemani said.

The deal size in the BFSI space would be in the range of USD 20-25-million, he said.