Helios & Matheson buys 2 companies for $7.5 M

By siliconindia Mumbai Bureau   |   Tuesday, 31 August 2004, 07:00 Hrs
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MUMBAI: Software services firm Helios & Matheson Information Technology Ltd has acquired two companies for $7.5 million, the Bombay Stock Exchange (BSE) said on Tuesday.
The two companies are Maruthi Info Tech, USA and Jayamaruthi Software Services Pvt Ltd, which is based in Chennai.

The deal involves payment in cash as well as earn-out on achieving targeted financial milestones over a two-year period ending August 2006, the BSE said.

The company aims to grow revenue to $10 million through organic growth as well as acquisitions and plans to attain a critical mass of 2,000 employees by 2006, the BSE said.

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