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Symphony to invest for acquisitions
By siliconindia
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Friday, 03 October 2008, 00:16 IST
Bangalore: Symphony Technology Group (STG), a U.S. based strategic holding company has planned to invest $900 million (around Rs 4,230 crore) to expand its group firms over the next three to four years. Romesh Wadhwani, Chairman, STG said, "Most of the $900 million will be spent on acquisitions. The current economic environment does not change our strategy, which is to invest in companies in the US, Europe and India."
Wadhwani had earlier stated that his acquisition targets are from software and services, financial services, retail, consumer goods and telecom verticals, reported Business Standard. The company wants to achieve a revenue target of $5 billion by 2010-11, and believes the acquisition route to be just right to achieve this target. Wadhwani feels that despite the current slowdown, it is an achievable target.
The group has nine companies including Bangalore-based Symphony Services and Symphony Marketing Solutions. STG had raised $1 billion in December last year, of which $500 million was contributed by Wadhwani, while around $300 million came from the Government of Singapore and $100 million each from two U.S. universities.Of the $1 billion raised, the company has spent $100 million for the acquisition of US-based Netik and Sweden-headquartered Teleca.
Wadhwani further told that he hopes to list Symphony Services by 2009 as long as it maintains its growth rate and keeps improving its profitability.
