|
MAARS SOFTWARE to acquire company in UK and Belgium
Chennai, 29/03/2000:
The Chennai based MAARS Software International Ltd. has signed MOUs with Technical Direct" of UK and Company Benelux" Belgium, towards acquiring these organisations through its UK subsidiary. The acquisitions will be completed over the next 4 to 6 weeks, subject to necessary approvals from RBI and other Govt agencies. The total value of acquisitions will be around US $ 6 millions.
The promoters of both organisations will be investing around US $ 1 million each in the MAARS UK subsidiary. While the Belgium company is in the area of Client Server Development with a strong base in Govt Sector, the UK company has been involved in developing Applications and Products in Telecom Sector.
The acquisition will provide MAARS with greater reach in these markets with strong local presence. The combined turnover of the new entity will be US $ 10 millions for the year 2000. Out of this, MAARS India will be executing orders of around US $ 5 millions including off-shore projects of around 2 million during the current year.
MAARS has achieved a turnover of Rs.66 crores during 1999 with net profit of Rs.13 crores. The organisation is planing a turnover of around Rs.100 crores for the year 2000 with Rs.80 crores from exports and Rs.20 crores from domestic revenue. The focus areas will be ERP E-Business Integration and product development. Towards this the organisation has already become implementation partner for Oracle Applications in Middle East, Europe and South Africa. Solutions partner for IBM in India, and Consulting partner for leading CRM vendor SIEBEL.
MAARS is also in discussion with leading SCM vendors in US towards setting up offshore development centres. The company has set-up a 50,000 sq.ft. STP facility in Padur near Chennai which has become operational during the current month.
- * * * * * * * * * * * * * * * * *
For further information please contact:
Mr. P.Emerson Andrews
Company Secretary and Finance Manager
MAARS Software International Ltd.,
106/12, Habibullah Road, T.Nagar
Chennai 600 017. India.
Ph : 91-044 – 8241902
Fax: 91-044 – 8241895
Mr.Satyan Bhatt
Prism Public Relations India Pvt.Ltd.
1-A,Parkway,122,Marshalls Road,
Chennai-600 008,
India.
Phone-91-044-8529231/32
Email-prismpr@satyam.net.in
|
