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Thinksoft Global looking for acquisitions

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CIOL Bureau
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MUMBAI, INDIA: Chennai-based Thinksoft Global Services Ltd has informed the Bombay Stock Exchange (BSE) that it would be exploring the options of inorganic growth by acquisitions in the range of Rs.15-30 crore during the current financial year.

The acquisitions will be primarily funded through the company's internal cash accruals, the statement said.

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According to the company, this decision has been based on business environment scanning and assessment of the relevant market and technology trends worldwide, vis-a-vis its own strengths and track record as a provider of expertise.

The target companies will be either India-based or otherwise, would have to be of strategic value to Thinksoft either in terms of extending markets or adding new geographies and/or bringing new offerings/expertise/specialization/IP to the table, the statement said.

According to a NASSCOM report on software testing, the projected growth in the outsourced software testing business is from $30 billion to $50 billion in the next decade and India would see strong demand growth for specialized testing services.

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