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September 29, 2000
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Money > Stocks > Market Impact > Report September 29, 2000 |
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Silverline acquisition plan in DecemberNetScribes/Rajiv Banerjee Silverline Technologies Ltd will be announcing details of its proposed acquisitions by December 2000. The acquisitions are expected to broaden the company's reach and plans are already afoot to double staff strength within the next 15 months. Stating this at the company's annual general meeting here on Thursday, Kumar Subramanian, vice-chairman and director, told shareholders that as part of the company policy to infuse more talent, it plans to double its existing employee base of 1,350 by the end of 2001. President and CEO Shankar Iyer said the management was scouting world-wide for companies that would help leverage Silverline's existing business. Silverline is in the business of providing services in e-business, customer relationship management (CRM), application development and application migration and maintenance. Silverline Technologies had raised $108.75 million by way of an ADS issue in June 2000. The issue consisted of 4,350,000 shares at $25 apiece. This is in addition to the cash reserves of Rs 3.9 billion the company had as on March 31, 2000. "Currently, on-shore projects account for 70 per cent of the revenues that offshore projects contribute towards the balance 30 per cent. By March 2001, the offshore contribution is set to rise to about 45 per cent," Iyer told NetScribes after the AGM. "The acquisitions would leverage the existing business of Silverline and expand our reach." Chairman Ravi Subramanian said there has been a quantum leap in the company's e-business and CRM projects. The company has achieved a growth of 32 per cent this year, compared to 10 per cent in the first three months of 1999. "The application of e-business and CRM encompasses all areas in today's Internet world. We see these two segments growing 50-60 per cent in future, compared to 32 per cent as of today," says Iyer. According to International Data Corporation figures, the global CRM business is estimated to grow from $33.2 billion to about $90 billion in the next three years and Silverline hopes to tap this growing segment to the fullest.
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