Acquisition part of new integrated global aerospace practice at Infotech.
Infotech Enterprises Limited announced today that it is in talks to acquire a European aerospace services company for about $ 20 million.
“We are currently in talks with three-four companies with a transaction value of between $ 10 million and $ 20 million. We want this acquisition to bring domain expertise and proximity to customer and customer knowledge, and the buyout may happen in this quarter,” said Krishna Bodanapu, President Engineering, Infotech Enterprises.
“About nine months ago, Infotech had established an integrated global aerospace practice to take advantage of the growth in the aerospace and defense engineering sectors across the globe. We are focused on expanding our breadth of services to maintenance, repair and overhaul (MRO) engineering support, manufacturing transition support, among others along the value chain,” said Rajendra Velagapudi, Senior Vice President & Global Delivery Head, Aerospace Operation Unit, Infotech Enterprises.
The global aerospace engineering services spend is expected to double up to $ 14 billion in 2020 from the existing $ 7 billion in 2009-2010. The rising engineering costs and decline in resource availability have forced engineering entities across the world to turn to India and China. By 2020, India’s share in the global engineering services offshoring is projected to be around $ 45 billion, according to a Booz report on engineering services and outsourcing.
Bodanapu said the company last year derived around $ 37 million from its aerospace business, which translates to 40 per cent of the company’s total turnover, and expected it to touch $ 100 million revenue during the current financial year 2010/2011. The company also plans to add 300 freshers to its existing 2,500-strong aerospace practice over the next couple of months.
Founded in 1991, Infotech Enterprises Ltd. is a Global IT services and solutions provider specializing in Engineering Services, Geographic Information Services (GIS) and IT services. We provide services to a wide range of industries - Aerospace, Rail, Automotive, Marine, Energy, Plant Engineering, Utilities, Telecom (operators), Government, Retail, Consumer Electronics, Medical Electronics, Semiconductor, Telecom (Manufacturers) and Computing industries. The headquarters are located in Hyderabad, India. Apart from several offices in India, Infotech has global subsidiaries in Europe, USA and Far East.
Infotech has a distinctive business model: “offshore services, onshore responsibility”. We operate “Centres of Excellence” for leaders in key industries. We combine the extensive engineering design and solutions capability based in India with global delivery through our offices worldwide providing local customer interface and project management. Our cutting edge is our industry specific domain expertise, people and processes, technologies, tools and training. We draw on this strong foundation to create measurable business impact for customers around the world, resulting in long-term relationships with several of the most recognized names in their respective industries. Many of these are among the top fortune 500 companies. Infotech is certified to ISO 9001:2000, AS 9100, ISO 27001 and AS9100. We have been successfully reappraised for CMMi Level 5 Version 1.2 for the software units of our Engineering, UTG and IT verticals. We are a (INFOTECENT in BSE – Bombay Stock Exchange and in NSE – National Stock Exchange) listed company with equity participation from globally reputed investors.
Feb 8, 2011
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