Helios & Matheson buys 2 SW firms

MUMBAI: Chennai based software services firm Helios & Matheson Information Technology Ltd. has acquired two companies for $7.5 million, said the Bombay Stock Exchange (BSE).

The two companies are Maruthi Info Tech., USA and Jayamaruthi Software Services Pvt. Ltd., which is based in the southern city of Madras.

The deal involves payment in cash as well as earn-out on achieving targeted financial milestones over a two-year period ending August 2006, the BSE said.

The company aims to grow revenues to $10 million through organic growth as well as acquisitions and plans to attain a critical mass of 2,000 employees by 2006, the BSE said.