 | « Back to article | Print this article |
Technology-enabled business solutions firm Take Solutions on Monday announced the acquisition of New Jersy-based data warehousing and business intelligence company cliMetrics for $3 million in a stock-cum-cash deal.
The Chennai-based Take Solutions, which has 300 employees, will retain all the 40 employees of cliMetrics, assisting the company to enter the large North American markets, Srinivasan H R, founder and 'vision holder' of Take Solutions said at a press conference in Chennai.
The deal involves 25 per cent cash component and 75 per cent payout as stocks in Take Solutions.
Take Solutions, which reported sales of $3.42 million in the year ended March 2004, hopes to promote its flagship product Take RTE (real-time enterprise enabler) among cliMetrics' clients in pharmaceutical industry, he said.
"Both companies have product and intellectual property right development in focus. The acquisition enhances the vertical expertise for RTE as well as geographical coverage and real for all Take Solutions products and BPO capabilities," he said.
Srinivasan said Take Solutions will further invest about $5 million in the US markets in the next two years to further its business in the North American markets.
The $3 million turnover company cliMetrics assists life science companies on decision making process in drug development through data inputs.
Srinivasan said Take Solutions was confident of achieving a turnover of $10 million; it had achieved sales of $4 million in the first six months of the fiscal.
Ram Yeleswarapu, president and CEO of cliMetrics, said the acquisition would allow the company to introduce its 'risk mitigating products' for pharmaceutical and bio-tech companies in the South East, Middle East and Indian markets through Take Solutions.
Take Solutions has offices in Kuala Lumpur, Colombo and Bahrain, besides its headquarters in Chennai.
Srinivasan said the funding for the acquisition would be funded by internal accruals and through contributions by the existing shareholders viz., Singapore's Silkroute Holdings and Srinivasan H R and his family.
Take Solutions was also planning to raise capital through external means by the middle of next fiscal, he added.