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January 09, 2007 13:01 IST
Domestic IT services company Paradyne Infotech is in the final stages of acquiring a US-based software services company with a turnover of around $10 million in the last financial year, a source said.
"The company has approximately 20-25 customers and one of them is retail giant Wal-Mart," said the source. The deal is expected to be finalised by January-end. Funds for the acquisition will be raised through internal accruals and debt.
Paradyne, which has a turnover of around Rs 87.70 crore (Rs 877 million), is already in talks for acquiring a few other Indian companies in the product development space.
The company hopes its experience in the technical infrastructure management and services segment will aid its growth in product development.
The company is focused on infrastructure management and services. It has two products - FinworQ and HRwrQ - in product development too.
Its clients includes JM Morgan Stanley, Sidbi, Bank of India, Corporation Bank, Punjab National Bank, Nabard, Bank of Baroda, Rochem Separations Systems, Globus Stores, ONGC, UTV, Outlook Publishing, Indian Navy, Geometric Software, KPIT Cummins and Syntel.
With an employee strength of 300 in India, Paradyne has a US presence through its wholly-owned subsidiary Dyne Techservices.
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