Financial Daily from THE HINDU group of publications
Saturday, Dec 03, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 03, 2005 |
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Software Info-Tech - Mergers & Acquisitions Teledata buys US, Thai firms Our Bureau
Chennai , Dec. 2 TELEDATA Informatics Ltd on Friday said that it has acquired Daan Consulting of the US and NetSol Technologies of Thailand. In mid-November, the company also acquired Vanguard Technologies. Teledata has spent a total of $14 million for the three acquisitions. Asked to comment on the annual revenues of the acquired entities, Mr N. Ramanathan, Company Secretary, said, "Each is in the range of $4.5 million, approximately." Teledata expects all three acquired companies to contribute to about $9 million in revenues for the year ended March 2007. Currently, their annual revenues would amount to about $6 million, he said. Daan Consulting and Vanguard specialise in SAP implementation, while NetSol, in addition to having a product that helps provide business intelligence, is an implementation partner for IBM in Thailand. Vanguard has development centres in Bangalore and Ahmedabad, while its client lists include those in India. Daan's clients are in the US and include American Express, Walmart, PeopleSoft and Kellogg's, Mr Ramanathan said. The company had reported revenues of Rs 104.71 crore for the first quarter ended June 2005 and Rs 111.78 crore for the second quarter ended September 2005. Asked if Teledata was on track to meet the target of Rs 1,000 crore annual revenues for the year ended March 2006, Mr Ramanathan said, "We might not yet be on track, but we are eyeing seven more acquisitions. The cost of those acquisitions could exceed $ 40 million."
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