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Xchange 21 Intl in talks with US-centric portals for acquisition
Anubha Ghosh
Bangalore : Xchange 21 International Pvt Ltd is in talks with some US-centric players for the purpose of acquiring them during the next one year. The Singapore-based company's chairman CEO Dilip Keshu told The Financial Express that talks to this effect were in progress. However, he did not reveal the names of the targeted companies or the amount of funds allocated for the acquisition. "We would like to acquire companies that give us access to new geographies including the European and Middle-East markets, new verticals like mining, telecom and energy sectors, and talent like the advance mobile commerce skills," Mr Keshu said. Xchange 21 will raise money through the private round for these acquisitions. Without revealing the quantum of funds allocated for such acquisitions, Mr Keshu informed that if the cost was too high, xchange 21 was also open to mergers. Recently, it acquired the Singapore-based Sybor in an all-cash deal. "It was more like an asset purchase for accessing the financial sector. Sybor hasvery talented people in banking and this was a small tactical inorganic growth initiative," Mr Keshu said. Xchange 21 is expected to touch $7-8m dollars in the first year of operations ending June 2001. It hopes to clock $18-20m by June 2002.It plans to set up a software facility each in Mumbai and Delhi by the year-end at a combined cost of around $2.25m. It also plans another such facility in the US during the third quarter of 2001. The 134-person company expects to grow to 200 employees by 2001-end. Meanwhile, xchange 21 opened its new software development centre in Bangalore. The facility spread over 10,000 sq ft with an investment of over $0.75 m, and will focus on developing reference architecture using advances object-oriented technology for industries such as telecom, manufacturing, insurance and banking. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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