Hexaware scouts for acquisitions

MUMBAI: Hexaware Technologies is scouting for acquisitions in Europe and North America, with a kitty of around $20-40 million.

The firm is looking at acquiring companies in the services segment, even though it has not shortlisted any company in these continents.

According to Hexaware Chairman Atul Nishar, "We are actively looking at acquisitions in the services segment in Europe, mainly in enterprise resource planning (ERP), business intelligence (BI), banking, financial services and insurance (BFSI) and transportation verticals".

The company is on a prowl and intends to acquire a company in this financial year itself. With cash reserves of over $70 million, any acquisition, if finalised, the company intends to finance the deal through internal accruals.

Hexaware is also not looking at equity dilution for raising of finances for the acquisitions.

Europe is the company's first preference, while North America is the second option.

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