Accentia Technologies Ltd, the Mumbai-based end-to-end business process management (BPM) solution provider company, has acquired 51 per cent stake in Oak Technologies Inc (OTI), USA for a total consideration of around US$ 3 million. The company will finance the total acquisition cost through internal accruals.
Oak Technologies is an integrated services provider in the filed of healthcare receivables management operating from US and several locations in India. It has the expertise in mechanical design, systems engineering, analog and digital circuit design, software development and manufacturing engineering, which caters to industry demand.
Speaking to Pharmabiz, C K Sooraj, director, Accentia Technologies, said, "We are expanding our business reach through inorganic route. We are integrating new manpower with the existing one and exploring more from the UK market. We are in the early stage of negotiation with some UK companies for acquisition and expecting the results before current financial year".
Through this acquisition, Accentia got into its fold a global workforce of 700 employees. OTI has two operational units in USA and three in India at Hyderabad, Nagpur and Bhubaneshwar. The company is planning to add about 2000 fresh personnel, making the total to 5,500 employees in these locations.
Commenting on the deal, Pradeep Viswambharam, CEO and director of Accentia Technologies, stated that, "Through the current acquisition, which is an all cash deal, the company has put in place the internal accruals in a synergistic operational investment. The current acquisition paves the way for enlarging our manpower base to meet the increasing order book pipe-line, besides catering to the existing customers".
Recently, it has entered into a strategic partnership with five leading hospitals in USA for providing end-to-end 'Health Care Receivables Cycle Management'.
During the 2007-08 Accentia has achieved a turnover of Rs 124 crore and the company is targeting to increase it to Rs 250 crore in the current fiscal.