Dhanus Technologies Ltd., one of India's fastest growing telecommunications companies, announced their acquisition of a majority equity stake in Sreeven Infocom Pvt. Ltd, Hyderabad based IT and ITeS service provider. This acquisition comes in accordance with the company's plans to expand into E-Governance space and strengthen telematics services and BPO service offerings in India. As a part of the deal, Dhanus Technologies has taken a 60% stake in Sreeven Infocom through an additional capital infusion into this company.
Assessing the acquisition, Dhanus Technologies, Vice Chairman, S. Muthukrishnan, said, “Dhanus Technologies has always strived to deliver to its customer's efficient communication solutions; by combining different technologies on a common platform. Sreeven Infocom specializes in E -Governance and BPO services and works with key corporate, Government and quasi Government organizations across the country. With this strategic investment, we expect to target these organizations and plan to expand into the E-Governance sector and support Fleetrac systems. We expect to increase Sreeven's revenue to Rs.60 Crore by the end of the fiscal 2009-10.”
Sreeven Infocom operates in the rapidly growing E-Governance and BPO segments in the domestic IT industry. Post acquisition, Sreeven Infocom will be involved in new software development catering to the internal needs of Dhanus and will provide backend support for its vehicle tracking system. This would be accomplished by utilizing 385 service locations of Sreeven, staffed by trained engineers.
“We are extremely excited to announce this strategic investment by Dhanus Technologies limited, one of the fastest growing telecommunication companies. The growing demand of E-Governance in the domestic market is attracting various tier-1 and tier- 2 IT Companies. With Sreeven already being a market leader in the space, this development will act as a catalyst for our aggressive expansion plans and keep the momentum in terms of both technical and financial capabilities. The company expects to triple its revenue in the coming years and deepen its capabilities through investments in infrastructure and technology”, Commented K. S. Raju, Managing Director, Sreeven Infocom Pvt. Ltd.
Post this acquisition, there will be no change in the functioning of Sreeven Infocom and the name of the company would also be retained. S. Muthukrishnan will be appointed as the Chairman on Sreeven's board while the other Directors on board will comprise of Capt. D. S. Srinivasan, Srikanth Krishnamurthy and S. Venkatraman. It is to be noted that this acquisition comes to in quick succession to the recent acquisition of Borusan Telekom early this year by Dhanus Technologies Ltd.
Source: India Infoline