Acquisitions To Fuel LG Soft Growth

Bangalore: | Updated: Jan 23 2003, 05:30am hrs
LG Soft India (LGSI), the software arm of Korean electronic major LG, has set its eyes on acquisitions to ramp up its growth in the coming years. The company is also weighing the option of strategic investments in the short-term to speed up growth.

Addressing a press conference, LGSI chief executive officer Anilesh Seth said, We are looking at different options for inorganic growth and acquisition is certainly on the cards. We are targeting to conclude a deal in 2003. Acquisition should bring technology expertise and customers to the company. The company is also open to the idea of an initial public offering (IPO) as a long-term strategy, he added.

The company plans to invest around 15-20 per cent of its profits every year in research and development (R&D) activities in India.

In 2003, the company would be investing around $200,000 in R&D activities with major focus on different areas of pervasive computing.

The company would increase its manpower to a total of 300 by 2003-end and is mainly focusing on recruiting senior engineers, designers, architects and managers, he added.

The company is well equipped to cater to the pervasive computing sector through it three existing technology groups enterprise technology group, convergent technology group and product content group, the combination of which would drive pervasive computing, Mr Seth said.