Gemini Communication acquires Veeras Infotek

CHENNAI, INDIA: Gemini Communication Ltd (GCL) has acquired a majority stake in Veeras Infotek, a Chennai-based privately held company, for Rs seven crore.

The acquisition will extend GCL's network security and business continuity capabilities and will also increase the company's client base.

"The addition of Veeras Infotek will advance GCL's vision of becoming a major player in network security space," said Ram Kumar, executive director, GCL.

"GCL's global reach, scale, widely recognized brand and customer relationships make it the ideal partner for Veeras Infotek. Our combined teams will create exciting growth opportunities for the company and our customers. We look forward to the association with the GCL team," said Sudarsan Ranganathan, CEO, Veeras Infotek.

GCL also said that with the current order book position of over Rs 200 crore and Veeras' acquisition, the company's profits are likely to grow by over 50 per cent in FY 2009 over FY 2008.

The company is likely to achieve earnings of Rs 24-27 per share for the current year, as a result of its multiple core businesses and the acquisition.