Information technology solutions provider, Infinite Computer Solutions, on Monday announced it has secured $6 million in funding led by the Singapore-based equity investment firm WhiteRock Partners, and said it planned to recruit 600 IT professionals in India before March end.
Top company executives said the money would be utilised towards realising its acquisition goals.
"The infusion of capital will allow us to accelerate our geographic expansion as well as actively examine possibilities of acquiring companies that possess complementary skill sets and clients," ICS India COO Upinder Zutshi told reporters in Bangalore.
The company had actually looked to go in for an acquisition in the last fiscal but could not find one with "strategic fit". It is currently in discussions with a number of companies in this regard and hopes to complete the transaction this year, officials said.
Currently listed as one of NASSCOM's top 20 IT services companies, Infinite clocked a revenue of Rs 321 crore [Rs 3,210 million ($ 70.6 million)] in 2003-04 with a 33 per cent growth over the previous year.
Its major development centre is located in Bangalore, while three others are in the United States. The company currently has a total headcount of 1,400, including 650 in India where it is targeted to go up to 1,250 by March next year, Zutshi said.
In India, currently it has offices in New Delhi, Bangalore, Mumbai and Hyderabad, and it would open new ones in Pune, Chennai and Kolkata soon. The company has 100 per cent subsidiaries in China and the United Kingdom. It is also opening offices in Kuala Lampur, Sydney and Tokyo this year.
The company is building a 75,000 sq.ft facility in Bangalore at a cost of Rs 18 crore (Rs 180 million) to Rs 20 crore (Rs 200 million), and it would be opened by August end. In the second phase, it is planning to build another 125,000 sq.ft facility, he said.
Zutshi said by 2006-07, the company has set a revenue target of Rs 730 crore [Rs 7,300 million ($160 million)], a resource pool of 4,000 and also global facilities in the Philippines and nearshore locations in the US.