InfrasoftTech to acquire U.S. firm

By agencies   |   Thursday, 29 December 2005, 08:00 Hrs
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MUMBAI: Riding on increasing global demand for its anti-money laundering software and banking software solutions, InfrasoftTech is planning to expand its American operations by acquiring a U.S.-based company for $7 million in the next two months.

Announcing the plans, InfrasoftTech’s Managing Director, Hanuman Tripathi said, “We have short-listed three prospective companies for this deal for which discussions are on. We hope to acquire one of them within next two months.”

Basically the move is to strengthen its position in the U.S. market, Tripathi said, adding that it will add around 50-70 headcount in the company's staff strength and five to seven banks in its customer base, two of which are major.

The Mumbai-based InfrasoftTech has presence in Europe, West Asia as well as East Asia. At present, in company’s total revenue generation, about 55-60 percent comes from the U.K. operations and it aims to earn around 25 percent revenues from the U.S. within next two years.

Besides, the company is also planning to increase its turnover from the present level of $16 million to $32 million in 2007 and $50 million by 2008, once its U.S. operations begin in full swing, he added.

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