Ramesh Subramaniam, managing director, Idhasoft, said that the present market scenario is favorable for acquisitions. So Idhasoft Ltd, a Mumbai-based IT firm, plans to raise another INR 30 million dollar by January 2009 to further fund its acquisition plans. The firm is in talks with new private financial institutions, besides its existing partners for funding new acquisitions, which are likely to be sealed in this fiscal. And these acquisitions are expected to be in the areas of manufacturing, retail, healthcare, insurance, and telecommunications.
Idhasoft caters to companies such as retail, manufacturing, retail banking, financial services, insurance and healthcare domains with Fortune 500 companies among its clientele.
Even earlier Idhasoft had raised INR 30 million dollar, which was just a few months back from Bahrain-based Arcapita Bank. Of this initial INR 30 million dollar infusion, Idhasoft has deployed 65% (INR 20 million dollar) in overseas acquisitions. It acquired two firms