IMC eyes acquisitions in India, US

PUNE: US based Information Management Consultants, Inc (IMC), provider of bioinformatics solutions, e-business solutions and products for governments and corporate, is eyeing acquisitions in India and USA as a key part of its global growth strategy.

"India presents exciting expansion opportunities and is a key part of our growth strategy. We will leverage our state of the art facility in Pune as a distinctive platform to deliver innovative solutions," said IMC, Inc. chairman, Sudhakar Shenoy.

Shenoy was in Pune to talk about the company plans for a new facility. He informed that the company's wholly owned subsidiary in Pune Intrinsic Management Consultants has grown 15 times its original size over the past three years and will soon shift to a five acre plot at the Hinjewadi Technology Park.

IMC acquired Kevric in USA in January 2003 and is now in the process of acquiring another US company in the information services space. Although it is yet to seriously look around the Indian market, IMC is looking for Indian companies with the right cultural fit in the healthcare space. "Our acquisition kitty is pretty hefty upto $40 million," said Shenoy. IMC is privately held and has no plans to seek venture funding for its expansion plans.

Shenoy expects IMC to grow by 400 percent in India in the next 24 months. According to him, the company's strength in India will be increased to about 300 people by 2005. Currently, around 80 people work with Intrinsic.

According to Shenoy, bioinformatics, e-learning and product development are the areas for growth. Presently, bioinformatics accounts for 65 percent of the company's total revenues. The company has projected $100 million revenue in 2005.