Declining to reveal further details on the tie-up, Nandu Thondavadi, managing director, Mascon Global, said that the partner is expected to contribute significantly both in upgrading the technology and in bringing more business to the company.

He was addressing the reporters here at the inaugural function of the dedicated software development centre for Mastercard International of New York. The company has set up a Rs 20-crore facility for this purpose which is expected to develop software solutions for Mastercard's clearance system and money transfer facility. The contract has been bagged through the association of its recently acquired US company, International Software Consulting (ISC). ISC was bought over by Mascon about a couple of months back for a value of $20 million.

ISCapart, Mascon has also acquired two other US companies, Synergy Soft Solutions and Ponderosa Technologies at a cost of $2.5 million and $1.5 million respectively. All the three acquisitions have brought in a large customer base and exclusive technologies to Mascon, Thondavadi said.

Clarifying that the acquisitions have been funded through internal accruals, Thondavadi pointed to the possibility of a private placement to the tune of Rs 150 crore in the `near future' to fund further expansions. The company is also open to the options of ADR/GDR route but is strongly exploring the options in the domestic market, Thondavadi said.

In last quarter, the company had already gone in for a Rs 9-crore private placement in the form of convertible debentures with an option of converting into equity at a later date and companies such as Credit Suisse First Boston (CSFB) are reported to have participated in it. Thondavadi also announced the acquisition of IT assets of Mascon Technical Services, the erstwhile company, ata cost of Rs 30 lakhs.

This company will now operate under the name of Mascon Information Technology, he said. With a view to enabling itself to follow US GAAP accounting standards, Mascon Global has ended its current accounting year with a nine-month period ended December 31, 1999. From next year, the company will follow calendar year (January-December) for the closure of its accounts, Thondavadi said.