Zensar explores sub-million acquisition in US
News | 3 Sep 2013
Zensar had in November 2010 announced that it will acquire US-based IT company Akibia Inc for $66 million RPG Group-promoted IT services company, Zensar Technologies Limited, has appointed an investment banker in New York to scout for acquisition opportunities for anywhere between $25 million (approximately Rs 166 crore) and $75 million (Rs 498 crore), according to vice chairman and chief executive officer Ganesh Natarajan. “We will definitely look for acquisitions but there is no compulsion. We have identified a couple of areas like SAP and digital enterprise. But have we found the right company? Not yet,” he said, adding the company’s growth, however, would happen without the acquisitions as well. Zensar had in November 2010 announced it would acquire US-based IT company Akibia Inc for $66 million.
As the final phase of the strategic buyout, it rebranded Akibia to Zensar Technologies in April this year. Speaking to mediapersons on the sidelines of the IT and ITeS Industry Association of AP (ITsAP)’s annual HR summit held here on Monday, Natarajan said the company’s pipeline was at $200 million and almost 85 per cent of its current year’s revenue goals was already covered by firm orders. According to him, the collapsing rupee value has been a deterrent to the domestic industry in many ways. Nobody would look at the domestic industry as a new opportunity until the economy stabilises, he said, adding the company’s focus right now was more on traditional markets like the US and Europe.