H&M completes $19m vMoksha acquisition

NEW DELHI: Helios & Matheson Information Technology Ltd has announced that it has completed the acquisition of all three vMoksha Companies, vMoksha Technologies Inc, USA, vMoksha Technologies Pte Ltd, Singapore and vMoksha Technologies Pvt Ltd, Bangalore.






"The acquisition of the three vMoksha entities is complete and we are working towards a seamless integration," said chairman of the company V Ramachandiran. "By this transaction, we are investing $19 million and therefore it is a big statement about our commitment and seriousness to build scale, capabilities and international presence".





Officials from Helios & Matheson and vMoksha signed the Share Purchase Agreement on May 11, 2005. The all-cash deal was closed at $19 million and includes earn-out for achieving targeted financial milestones over a two-year period.





"We are looking at an aggressive growth to $100 million revenue in the next 24 months and also at attaining a critical mass of 2,000 employees by 2006. We plan to enhance our international competitive position through both organic growth and strategic acquisitions. With the completion of the vMoksha deal, we are well positioned to achieve our strategic goals," said Helios & Matheson MD GK Muralikrishna.





vMoksha has 510 employees and global presence with offices in USA, Europe, Singapore and India.