vMoksha acquired

CHENNAI: Helios and Matheson (H&M) has announced the acquisition of three vMoksha entities — vMoksha Technologies Inc, USA, vMoksha Technologies Pte Ltd, Singapore and vMoksha technologies Pvt Ltd, Bangalore.






"The deal, which closed at $19 million, includes earn-out for achieving targeted $ two million financial milestones over a two-year period. The company brings in deep client relationship with European majors, which would be very important for Helios and Matheson," said H&M managing director, GK Muralikrishna.





"vMoksha, a Bangalore headquartered IT outsourcing company, has operations in the US, Canada, Europe and Asia Pacific with offices in San Jose, New Jersey, London, Toronto, Singapore and development centers in Bangalore, Pune and Singapore," he added.





"vMoksha has been a profitable company with over 500 employee base and during the post acquisition, Pawan Kumar, who founded vMoksha, would continue as its CEO," Muralikrishna further observed.





H&M chairman V Ramachandiran said, "H&M, which has an uninterrupted record of profits and dividend distribution since inception, plans for an aggressive growth to $100 million revenue through strong organic growth and focused acquisition strategy."





"Besides, the company is also planning to increase their headcount to 2000 by the end of 2006," he added.