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September 07, 2006 11:31 IST
RelQ Software, the Bangalore-based Rs 100-crore (Rs 1 billion) software testing firm, appears to be on the block once again.
After an aborted takeover attempt by Cognizant, the company has appointed UBS to find a buyer.
EDS, which recently acquired controlling stake in MphasiS for $380 million, it is learnt, is considering the option of looking at this firm to ramp up its testing practice on a fast clip in India.
A spokeperson for RelQ declined to comment while EDS said they do not comment on market speculation. During the last financial year, RelQ margins were in the range of 19-20 per cent on topline of close to $22 million which is expected to touch $30 million during the current.
The company, which currently has 750 testing professionals on its rolls, plans to raise headcount to 1,000 by 2006 end.
According to information available, companies who are looking to buy out RelQ may have to fork out around $30-35 million. Early investors in this company include ICICI [Get Quote] Ventures and Acer Ventures.
ReIQ is currently in the midst of Rs 10 crore (Rs 100 million) expansion plan for development on infrastructure and test labs, aimed at touching $50 million topline in two years.
The company counts clients such as Hewlett Packard, Accenture, Franklin Templeton, Vodafone, Philips, Hindustan Lever [Get Quote] among others.
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