Teledata plans to buy firm in UK, Europe

Teledata Informatics, which recently completed its GDR issue, has shortlisted five firms in US and Europe for acquisition.

Software solutions major Teledata Informatics Ltd, which has recently completed its maiden Global Depository Receipts (GDR) issue of nine-lakh shares, has shortlisted five companies in the US and Europe for acquisition.

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The company is a provider of software solutions for marine industry and education verticals, and shortlisted companies are those with expertise in related areas, Teledata Informatics managing director K Padmanabhan told reporters on Thursday.

"The due diligence procedure at one of the companies, which is based in Europe, is currently on and we expect to complete it soon," he said.

He, however, did not divulge the names of the companies, nor the corpus earmarked for acquisition.

Teledata is interested in acquiring companies in utility management, Enterprise Resource Planning (ERP), Supply Chain Management (SCM) and Customer Relations Management (CRM) space, he said, adding power, gas and waster are the verticals the company is looking at in the utilities space.

With the US market widening its scope and demand picking up for services and BPO sector, we expect a topline growth of Rs 280 crore per year, he said.

On the recently concludes GDR issue, which opened on August 5 and closed on August 10, Padmanabhan said that the company had issued nine lakh GDRs at $8.89, aggregating $80.01 lakh (Rs 36.80 crore).

The GDRs were listed on Luxembourg Stock Exchange, he added.