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News >> Technology >>
Helios completes acquisition of 3 cos
By agencies
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Thursday, 12 May 2005, 19:30 IST
HYDERABAD: Helios & Matheson Information Technology Ltd has announced that it has completed that the acquisition of all three vMoksha Companies, vMoksha Technologies Inc, U.S., vMoKsha Technologies Pte Ltd, Singapore and vMoksha Technologies Pvt Ltd, Bangalore.
"The acquisition of the 3 vMoksha Companies is complete and we are working towards a seamless integration," said V. Ramachandran, Chairman of the company. By this transaction, we are investing $19 million, and therefore it is a big statement about our commitment and seriousness to build scale, capabilities and international presence".
The Share Purchase Agreement was signed today, by the company's and vMoksha's officials after completion of all procedural formalities. The all-cash deal was closed at $19 million and includes earn-out for achieving targeted financial milestones over a two-year period.
vMoksha is a business that has 510 employees and global presence with offices in U.S., Europe, Singapore and India.
"We are looking at an aggressive growth to $100 million revenue in the next 24 months and also at attaining a critical mass of 2000 employees by 2006. We plan to enhance our international competitive position through both organic growth and strategic acquisitions. With the completion of the vMoksha deal, we are well positioned to achieve our strategic goals," said G.K. Muralikrishna, Managing Director of the company.