The $182 million offshore outsourcing company Mastek is expected to seal two acquisitions before June. The company had recently announced its plans to raise funds worth $40 million to fund its acquisitions.
Sudhakar Ram, chairman and MD, Mastek, said, ?We have a number of companies in the pipeline but we will close two acquisitions before June this year.? He further added that Mastek intends to acquire firms based in the US and UK worth $40 million. These could be focusing on healthcare, government and insurance verticals.
The company expects to grow about 35% and acquisitions are lined up with a target to achieve a revenue of $220 million for the forthcoming year. ?As the industry will be growing by 30%, we expect a growth of at least 35% and the two acquisitions should surely help. In line with this, Mastek also plans to foray into the government space in India, enhance sales and bring international products here,? added Ram.
For even some large IT companies, the appreciation of the rupee against the dollar meant pruning staff and pay packages.
But Mastek seems to be optimistic. ?We presently have about 3,600 people and will add about 1,000 more a year,? Ram added.