In a bid to expand its scale of operations in the US, Mumbai-based financial industry solutions company, Infrasoft Technologies Ltd (InfrasoftTech), is all set to acquire a US-based banking and insurance solutions and service company for $7 million.
It is also gearing up to tap the capital markets by 2007-end. "We are planning to acquire a US-based banking and insurance solutions company for $7 million and the process is likely to be completed soon. We have already appointed Edelweiss Capital Ltd as merchant bankers for negotiating and funding this deal," said Hanuman Tripathi, managing director.
The proposed acquisition will help the company to leverage its US operations and would enable it to register $50 million turnover by 2007, he said.
He said the acquisition would be funded through internal accruals and private equity placements and that this will add $10 to $15 million to the company's coffers in two years time.
The current turnover of the company is over $16 million, he said. "At present, the company has little presence in US. We are planning to remodel the existing system of the company to be acquired so that we will be able to tap new markets," Tripathi said.
"InfrasoftTech is planning to concentrate on Islamic Banking solutions in addition to its products focusing on such as core banking, wealth management, Basel II and anti money laundering solutions," he said.
He said the company has already invested substantially for developing softwares suitable for Islamic banking and would tap key international markets.
"We will be shifting our focus to specialised areas including wealth management and anti money laundering, rather than concentrating on traditional core banking solutions," Tripathi said.
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