Business Daily from THE HINDU group of publications
Friday, May 23, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, May 23, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Software Adea scouts for acquisitions Our Bureau Hyderabad, May 22 IT services provider Adea Inc, based in Dallas (US), is set to expand its Indian operations inducting about 500 people more during the year. The company with operations in Bangalore and Hyderabad is scouting for acquisitions in India and other markets. To add resourcesThe Founder and Chairman of Adea, Mr Abid Abedi, said the company will add resources in Hyderabad and Bangalore centres and further boost the offshore component of work. It has recently established a centre in China to address the local market there. About 50 per cent of the overall work is currently handled out of location in the US, as a big chunk of this business cannot be moved out as it relates to work for the Federal Government. Addressing a press conference here, Mr Abedi said the company has had a couple of successful acquisitions, including CVR based in the US, which has significant presence in SAP services. The company, which employs about 1,200 people, closed last fiscal ended March 31, 2008 with revenues of Rs 206 crore and is targeting revenues of Rs 350-400 crore for the current fiscal, according to its Chief Financial Officer, Mr Daniel G. Cross. In process“We are in the process of evaluating couple of acquisition candidates, including one company in Canada, which will add to the company capability in enterprise business. The Indian operations will add to the offshore capability of the company to be acquired,” Mr Abidi said. The company is in parleys with private equity players to part fund the acquisition. More Stories on : Software | Human Resources
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