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Helios & Mathesons eye U.S and Europe acquisitions
By siliconindia
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Tuesday, 13 March 2007, 17:30 IST
Chennai: Helios & Mathesons Information technology (HMIT), is gearing up for acquisitions in U.S and Europe within a range of $ 50 million to $100 million reported a business daily. The IT services firm in the healthcare vertical,that is also planning to set up an offshore center in Coimbotore, is planning this strategy to fill gaps in geographical presence and technology.
GK Muralikrishnan, MD, HMIT feels with the healthcare domain growing at 12 percent globally and off shoring constituting only 6 percent of the total IT spend of a company, the market has immense potential waiting to be captured.
While the company has a strong presence in the U.S, Muralikrishnan said they were looking at enhancing their presence in Europe where the healthcare segment is growing. The company, which has close to $35 million in cash and $15 million in cash accruals, would resort to cash reserves to fund these acquisitions.
During the last five years, H&M India has acquired four companies including controlling stake in U.S based 'The A Consulting Team' (TACT) for $ 8.75 million this April.