Adea seeking external funds for acquisitions

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Adea seeking external funds for acquisitions

The company is in search for companies in US, UK and Canada

CMN Bureau

Thursday, May 22, 2008

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HYDERABAD, INDIA: Announcing the vision for the next year, Adea Technologies announced that it would seek funding from private equities to carry out its future acquisitions.

"All our acquisitions have been funded internally so far, but we will look at funding for a couple of acquisitions through private equity," said Abid Abedi, chairman, Adea Technologies.

The company is in search of companies in the US, the UK and Canada.

"Our ideal deal would be with a company that has technical expertise but no outsourcing arm in India. Our deal size would be around $20 million, but could also depend on the kind of company," he added.

The company spun off its staffing business as a new entity called Managed Staffing last year.

It forecasts a growth of 12-14 per cent in its EBITA.

The company just added three new members and will add two more in this year.

"We just like to function like a public company. So far we do not have plans for the IPO but we may put that on chart if it suits us, " said Abedi.

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