Infotech Enterprises Ltd to acquire 2 US cos this financial year for upto USD 40 M

Mumbai: Infotech Enterprises Ltd is looking to acquire two companies in the US during the current financial year. This was stated by BVR Mohan Reddy, Chairman & Managing Director of the Company on the sidelines of a NASSCOM conference.

He said that the buyouts could be in the range of USD 10 - 20 million each. This would be funded from the cash surplus of the Company.

The Company may add another 500 engineers during the current financial year. Infotech is looking to acquire candidates that could complement its domain knowledge and add to its present strengths. The company currently employs nearly 7500 people.

Currently, the Company's focus was on improving its presence in the US. Forty seven percent of the company's overall revenues are from the US.