Mahindra Satyam looking for more acquisitions abroad | business | Hindustan Times
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Mahindra Satyam looking for more acquisitions abroad

business Updated: Jul 05, 2012 22:51 IST

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After successfully acquiring the international operations of a US-based BPO firm and picking up minority stake in an Indian software firm, Mahindra Satyam has said it is looking at acquisitions in South and Central America and Eastern Europe.

Mahindra Satyam’s chief executive officer CP Gurnani said the Mahindra Group Company prefers to acquire stakes in industrialisation processes and platforms and also in cloud and mobility areas.

“Primary focus (for acquisitions) is industrialisation processes and platforms in Banking, Financial Services and Insurance (BFSI), healthcare and manufacturing,” said Gurnani.

Priority will also be on add-on service offering which could be cloud or mobility, he said, adding the company will lay emphasis on new markets such as Central and South America and Eastern Europe.

In March, Mahindra Satyam said it acquired international operations of vCustomer Corp a USA-based BPO firm for $27 million. It also said it acquired minority stake in Dion Global Solutions Ltd in February.

Customer is the first 100% acquisition by Mahindra Satyam since it became part of the Mahindra Group.

Mahindra Satyam was bought by Tech Mahindra Ltd in April 2009 after its founder B Ramalinga Raju confessed to an accounting fraud spread over years, earlier that year.

The company has since recovered and is posting healthy profits, signaling signs of return to normalcy.

The company also acquired a minority stake in Dion Global, a specialist provider of software products and solutions for capital markets globally.

Dion is majority-owned by Malvinder and Shivinder Singh, promoters of financial services firm Religare Enterprises and healthcare firm Fortis. Though Mahindra Satyam did not disclose the financial details of the Dion deal, AZB & Partners which advised MSat on the deal said the city-based IT firm paid $7 million and acquired close to 16% in Dion.