"We have $140 million in cash and are looking for acquisitions in areas where we don't have operations," iFlex CEO Deepak Ghaisas said.
The IT company, which had acquired Equinox Corp and 34 per cent stake in France-based Login SA in November last year, is focusing on four countries for expansion.
"We are focusing on India, Russia, China and Brazil for expanding our operations," he said, adding these four countries currently contribute five per cent of the $44 million pending order book.
The company has also recently bagged orders for its banking solutions 'Flexicube' from six Libyan banks, he said.
The firm has a total headcount of about 4,200 at present and would increase that in line with its growth, he said. "Our workforce has increased by 33 per cent in the last nine months," he added.
On the company's grassroots banking solutions 'Sarvatra', he said it is being tested in Maharashtra and would be expanded it in other areas after that.
The IT company has offices in Pune, Mumbai, Chennai, Bangalore, Russia and China.