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Aztecsoft active on M&A trail
By siliconindia
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Friday, 01 February 2008, 01:26 IST
Bangalore: Aztecsoft, a Bangalore based IT services firm, is looking for merger or alliance (M&A) as part of its future growth plans.
"We are looking at a joint venture (JV) or a strategic alliance to enhance our shareholder value," said K B Chandrasekhar, Chairman, Aztecsoft.
Earlier there were media reports that the company is looking at a merger or sell-off option and was in talks with some companies including MindTree Consulting. For last couple of quarters the company was under pressure maintaining the revenue and profit. It recorded revenue of Rs 63.31 crore a quarter-on-quarter growth, of two percent while the net profit dropped by 68 percent during the third quarter.
According to the company sources the reasons for the drop of profit are payment of bonus, training of campus hires and losses in foreign exchange fluctuations.
"We see the fourth quarter to be the best for FY08," said Samir Bodas, CEO.