HYDERABAD, INDIA: Infotech Enterprises, a Hyderabad-based engineering and IT technology solutions provider, is on the look out for acquisitions, according to a top official from the company.
The company has a cash surplus of $100 million to focus potential acquisitions.
“We haven’t yet found the right target, but are looking at those companies which will fill our gaps in the Engineering and Geospatial Information Services (GIS) departments,” said B.V.R.Mohan Reddy, chairman and managing director, Infotech Enterprises.
The company has formed a merger and acquisition group to specifically identify potential companies, said Reddy. Apart from short listing the right companies, the M&A group is also already planning for the integration process with the acquired companies. The deals are likely to be zeroed in the next couple of quarters.
“Primarily Europe and US are the overseas locations where we are looking for companies to acquire. The size is not the main focus. We are capable of absorbing a larger company. We are willing to raise debt for a right deal,” said Reddy.
The company is looking at one or two Indian companies. Through the proposed acquisitions the company would look to add additional capabilities in the engineering of automobile and high technology.
The shifting of capabilities to European and other markets through acquisition will help balance the manpower crunch that may arise in the Indian market, said the company management.
Infotech is also planning to add consulting to its GIS services.