Teledata Informatics plans to buy US company

By SiliconIndia   |   Tuesday, 20 July 2004, 07:00 Hrs
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CHENNAI: Teledata Informatics, a Chennai-based IT company specialising in marine and education sectors, plans to acquire a company in the US in the marine utilities segment.

Aided by management consultants Deloitte Touche, Teledata has shortlisted three companies. K Padmanabhan, MD, Teledata, said the company has earmarked $3 million for the acquisition. It would be funded through its internal accruals, he said. The company has recorded net sales of Rs 44.98 crore in its first quarter ended 30 June 2004, against Rs 6.72 crore during the corresponding period last year.

Expenditure on software purchased grew to Rs 20.95 crore, from nil during the same period last year. Padmanabhan said it related to purchase of content from American Digital University.

He said the company expected to “better” the revenue performance in the next three quarters and was targeting Rs 215 crore for the year. The company is in the process of implementing its marine software in 150 new ships belonging to seven companies, he added

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