Omnitech Infosolutions Is Close To Acquiring Up To Two Companies (06-Jul-2010)
Mumbai headquartered IT major Omnitech Infosolutions is close to acquiring up to two companies each in Europe and the US for around $35 million. The negotiations are in the advanced stage and if all goes well, it should seal at least one deal in the next 45 days. The European company has been valued at around $15 million while the deal-size for the US one is around $20 million. The funding of these acquisitions will be made through two banks -- one domestic and one an MNC with which it has already tied-up Lines of Credit.
The two US target companies are in the infrastructure management services (IMS) and application management spaces, respectively. While in the Europe the Netherlands one is in the IMS domain and cloud-computing while the UK company is in the disaster recovery and business continuity and IMS segments.
The acquisitions would help Omnitech in adding clients and cross-selling its products in the US, Canada and Europe, even as it aims for a nearly four-fold growth over the next three years. The acquired companies will be merged with Omnitech’s overseas subsidiaries. It has subsidiaries in the US and Europe -- Omnitech Technologies Services Inc, US and Europe’s Omnitech Technology BV.
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