Virinchi looks at acquisitions in US
Virinchi looks at acquisitions in US Chief Executive Officer,Virinchi Technologies, Anil Kumar Pinnapala informed that the company is looking at buying companies in the financial services solutions domain in the US to strengthen its micro-lending suite of financial services products line, reports Business Standard. >The company will raise USD 2 million through foreign currency convertible bonds (FCCBs).These funds will be used for the expansion plans of the company. During the year ended March, the company had acquired K-Soft Systems, a US based financial service solutions provider. At present, the US market contributes 75% to Virinchi’s total revenues, and the company is looking for growth opportunities in Europe and West Asia. The company r evenues for the current financial year stands at Rs 560 million compared with Rs 344 million a year ago, and net profit at Rs 90 million against Rs 88 million in the year ago period. Virinchi recently opened its third development facility in Secunderabad, which can accommodate 175 associates. The company’s seating capacity will now rise to 450.
It has recently signed a multi-year contract with US-based retail micro lending company, which is likely to gain USD 2 million guaranteed annual revenues.
Shares of the company closed down Rs 0.85, or 2.57%, at Rs 32.2. The total volume of shares traded at the BSE was 36,407.( Tuesday ).
