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SQL Star acquires TalentFuse for $6 million
By siliconindia
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Tuesday, 17 July 2007, 19:30 IST
Hyderabad: SQL Star, a Hyderabad based IT services firm, has acquired U.S. based IT consulting company, TalentFuse, for $6 million. The company expects to strengthen its consulting division in U.S. and double its consolidated revenues by end of this fiscal with this acquisition.
The deal is partly funded through internal accruals and the balance amount will be raised from different sources. "Our consultancy operations in the U.S. will come under TalentFuse umbrella," said NR Ganti, Chairman & MD, SQL Star.
SQL Star has about 20 consumers in the U.S. and around 35 consultants. "Due to talent crunch TalentFuse was unable to carry out all its project. With the help of our Indian arm, which focuses on training, we will be able to supply more consultants," added Ganti.
The company also has plans to bag a deal from Qualcomm, a CDMA technology provider. It is also planning to ramp up its operations in India and is looking at raising about $12 million through Foreign Currency Convertible Bonds (FCCB). As a part of its expansion, it is planning to strengthen its knowledge services division by increasing the training intake from 14,000 students to 1 lakh a year in the near future.