Visesh Infosystems acquires Infotecnics for Rs 6 cr.

By : |July 25, 2002 0



BANGALORE: Visesh Infosystems Limited has acquired the business of Infotecnics India Ltd. As a sequel to the business acquisition Visesh Infosystems Ltd., subject to the approval of its shareholders, would be known as Visesh Infotecnics Ltd.


The total cost of acquisition has been Rs 6.12 crore, which Visesh has paid partly out of its cash reserve and partly by issuing equity shares on a preferential basis. Visesh Infotecnics Ltd. would continue to be based at Bangalore with its corporate office at Gurgaon, along with branches all across India. Raakesh Bhhatia would continue as the CMD while Sanjiv Bhavnani would be the Joint Managing Director and CEO of Visesh Infotecnics Ltd.


Visesh Infosystems CMD Raakesh Bhhatia said, “The IT industry has high business potential, and we saw an incredible opportunity in expanding our operations by moving towards the field of System integration, Security solutions, Networking, etc. In this light Visesh was looking for a company with excellent credentials and in these areas we found Infotecnics as the best option. Basically this acquisition marks the transition of Visesh Infosystems Ltd. from a product centric to a total IT solutions company.”


Infotecnics CMD Sanjiv Bhavnani said, “Through this acquisition of Infotecnics’ business, Visesh would be able to broaden its client base and also offer total IT solutions to its client base. The complementary nature of services offered by the two companies, gives tremendous opportunity to Visesh to leverage on the existing business of Infotecnics India Ltd., and create a niche for itself with considerable potential for growth of business.”


 


Infotecnics clientele include Hutchison, Airtel, Touchtel, Delhi Stock Exchange, Northern Railways, HCL Infosystems, Indian Airlines, Taj Group of Hotels, Tata Chemicals etc. to name a few. Post acquisition, Visesh now has a ready base in the SAARC markets through Opentech Thai Network Specialists Ltd. (OTNS) at Bangkok ­ a Company that Infotecnics had acquired last year. OTNS already has a client base that includes names like Ford Motors, Nike, BMW, Mazda Motors, Citibank, HSBC, Olympia Thai, Paolo Hospital and several other leading names in Thailand.

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