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Mastek to raise $40 Mn for buyouts abroad
By siliconindia
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Friday, 04 January 2008, 02:12 IST
Kolkata: Offshore outsourcing company Mastek is raising $40 million in order to acquire companies with intellectual property rights in the insurance and healthcare space.
"We are looking at companies in the range of $10-20 million with 100-200 manpower strength for acquisition. As of now, we are in talks with six companies in the U.S. and the UK and hope to acquire two by June," said, Sudhakar Ram, Chairman and Managing Director to Business standard.
The acquisitions are expected to consolidate the company?s expertise and strengthen its presence in the domain areas. The company already offers services in the insurance and healthcare sectors.
"With the acquisitions, we would look at a few strong customers. So if we add about ten strong customers in the U.S. and the UK, it should be beneficial," added Ram.
While the company wants to increase its revenue shares from the U.S. and the UK, it is also looking for specific state government led projects in the domestic market.
In Financial Year 2007, the company?s revenue was $20.25 million (Rs 810 crore) It employees about 3,400 employees and has presence in the UK, Japan, South East Asia and the U.S.
The company has its two offshore development centres in Mumbai and Pune, and has recently commissioned a third centre in Chennai which would employ about 6,000 people.
