Mr Harbage told The Financial Express that the company has already earmarked $15 million hard cash for its proposed acquisitions in India. ``Besides, we will also leverage on the stock,'' he added.

According to Mr Harbage, the company is looking at over a dozen firms in India operating in the Internet solutions development-related activities. All these firms have an average strength of over 100. "We will zero in on a couple of firms and will finalise the acquisitions within six months," he said.

UBICS recently finalised the acquisition of an IT recruitment firm that has an Internet solutions arm in the UK, he said. ``We have already got the government clearance for the deal, which is expected to be signed in a month's time,'' Mr Harbage said. The firm which currently outsourced its IT solutions requirements from India has a total of 70 people, he said.

According to Mr Harbage, with the UK-acquisition UBICS would also strengthen its IT recruitment division by expanding its reach in India, Russia, Singapore and South Africa. The company would also look at acquisition possibilities in South Africa with a view to strengthen its Internet solutions development in the region, he said.

UBICS had picked 350 IT professionals from these regions - except South Africa - to be deployed on various IT projects in the US, the UK and Europe in less four months, he said. ``In the next 12 months, we will recruit over 1000 people to be placed in the US and Europe. Of the total recruits, about 10 per cent will be directly placed with us,'' Mr Harbage said.

On the expansion front, Mr Harbage said the company would set up sales offices in Denmark, Iceland, Germany and France.

UB Group has 64 per cent stake in the US-based UBICS, 9 per cent is being held by Mr Harbage himself while the rest is held between the employees of the firm and financial institutions. UBICS is expected to post a business turnover of $45 million for calender 2000.