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HTMT to buy two US firms by year-end
Kirtika Suneja in New Delhi | August 13, 2008 10:57 IST
The Hinduja Group-promoted business process outsourcing firm HTMT Global Solutions has set aside Rs 400 crore (Rs 4 billion) to close two acquisition deals in the US by the end of this year.
Both US companies, with a headcount of 4,000 plus each, offer services in the finance and accounting and remote infrastructure management space in the US and Canada.
Subramanya C, global chief technology officer, HTMT Global Solutions, said, "Apart from the current cash on the balance sheet, we can also raise double the amount to fund our inorganic growth plans. We are aggressively looking at acquiring companies that have the right size and the skills that complement our existing verticals."
Currently, the company is offering its services in multiple verticals including BFSI, Healthcare, telecommunications among others. The company is also looking to expand its foothold in China and Europe.
HTMT had acquired a US-based business process outsourcing firm, Affina, headquartered in Peoria, Illinois, in 2006 for $30 million (around Rs 127 crore). The Rs 670-crore (Rs 6.7 billion) BPO company, will invest close to Rs 55 crore (Rs 550 million) this financial year for capital expenditure to set up new facilities and increase headcount.
HTMT is also investing Rs 25 crore (Rs 250 million) for setting up a 1,000-seater facility in Durgapur, expected to be operational by next year for which it has already secured one acre. For the quarter ended June 30, 2008, the company posted net profit of Rs 20 crore (Rs 200 million) and revenue of Rs 178 crore (Rs 1.78 billion).
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