Source:
Economic Times India29 Dec 2008, 0000 hrs IST, N Shivapriya, ET Bureau
MUMBAI: Mid-size information technology company Rolta is learnt to be close to acquiring a US-based specialist IT firm, which provides software and
related services to the oil and gas industry. Rolta had acquired WhittmanHart Consulting, a Chicago-based business intelligence firm, less than six months ago.
“The latest acquisition is also in the area of business intelligence software,” said a source familiar with the deal. Earlier, a few private equity players had shown interest in acquiring the firm, but they opted out after the financial crisis deepened, according to the source.
Once completed, the deal will give Rolta consulting and IT skills specific to the oil & gas, petrochemical and power industries, the source said. The WhittmanHart acquisition gave Rolta access to business intelligence tools, skills and consulting, but those were relatively generic in nature.
Rolta is expected to make an announcement on the new deal during the week. When contacted, a company spokesperson said: “We continue to evaluate acquisition opportunities, but there is nothing to announce at this point.” Rolta had raised around $150 million through foreign currency convertible bonds (FCCBs) nearly two years ago, specifically for acquisitions.
Read more:
http://economictimes.indiatimes.com/Infotech/Rolta_to_buy_another_US_IT_co/articleshow/3906002.cms
Indian companies seem to be on a buying spree in the U.S.
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