AurionPro to acquire two firms this fiscal

By agencies   |   Monday, 23 January 2006, 08:00 Hrs
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MUMBAI: Software solutions provider AurionPro Solutions Ltd is looking to acquire two companies as part of its expansion plans. One is a product-based company in India and the other is based in West Asia, said Amit Seth, Managing Director of AurionPro.

AurionPro is a provider of IT solutions to the banking and financial services industry and specializes in products for treasury and risk management. It had a turnover of Rs 11 crore in 2004-05 and net profit of Rs 2.7 crore. About 65 percent of its revenues come from overseas business and largely from the U.S. and other Asian countries.

"Acquisitions would help us get growth momentum. Both these companies are about the same size as ours and we are in advanced talks with them. They will bring in about four to five more banking clients," Seth said.

Among AurionPro's clients are private and foreign banks such as HDFC Bank, ICICI Bank, Standard Chartered Bank, Bank of Singapore and Deutsche Bank. Public sector banks Corporation Bank, Syndicate Bank and Dena Bank are also its clients.

"We hope to add three more large global banks as our customers in the fourth quarter," Seth said.
The company is also in talks with an international product company, in the treasury and risk management segment, for implementation and servicing of the product in India, Seth said.

For the year 2004-05, AurionPro had a growth of over 80 percent and hopes to maintain the same rate this fiscal, he said. The company currently has about 250 personnel and plans to double it within a year.

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