Software major Wipro Limited is scouting to acquire sub-$100 million companies to expand its footprint and add to its domain knowledge and skill-sets, its chairman Azim Premji said on Wednesday.
Companies with annual revenues less than $100 million were being forced into consolidation and "it provides enormous opportunity to us", Premji said at a press conference to announce quarterly numbers of the Bangalore-based firm.
In the quarter ended December 31, 2005, India's third largest software exporter acquired two companies - NewLogic in Austria for $56 million and mPower in the US for $28 million.
Asked if the New York Stock Exchange-listed company is looking out for large acquisitions, Premji said; "We would progressively make large ones...not significantly large ones".
The company is looking to expand its footprint in Europe, and strengthen domain knowledge and skill-sets in markets where it needs to add and quickly access solid local talent to supplement its global workforce, he said.
The company's approach would be to acquire and grow equally or better than its organic growth rate.
"We continue to look for opportunities to acquire", Premji said.
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