Datamatics plans to buy overseas BPO firms
Thursday, 08 April 2004, 19:30 IST
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NEW DELHI: Having acquired two overseas companies recently, Datamatics Technologies is on the prowl for more acquisitions in Business Process Outsourcing space and is eyeing firms in English-speaking regions like the US, UK and Canada. "We are looking at one or more acquisitions depending on the size and timing. We will consider BPO companies which are in English-speaking regions like US, UK, Canada and Australia," L S Kanodia, chairman of Datamatics Technologies, said while announcing the company's Initial Public Offer comprising 10.3 million shares. The offer comprises fresh issue of 85 lakh shares and `offer for sale' of 18 lakh shares of Rs 5 each at a price band of Rs 101-110 per share. Kanodia said of the total mop-up from the offer, about Rs 49-56 crore could go for acquisition. "We have proposals already on table," he said. Datamatics had acquired Detroit-based Corpay in October 2003, and Saztec International Inc., based in Boston in November 2003. Commenting on the details of the proposed acquisition plans, Kanodia said "We are scouting for companies which have been in existence for a reasonable period of time, so it should not be a start-up. In the company we are also looking for a good customer base to cross sell our services." The IPO, which is being conducted through a book building route, would open on April 12 and close on April 19. Datamatics would list the equity shares on National and Bombay Stock Exchanges.
Source: IANS
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