California Software planning expansion in Britain

August 31st, 2008 - 5:37 pm ICT by IANS  

Chennai, Aug 31 (IANS) Chennai-based software firm California Software Co Ltd (Calsoft) is planning acquisitions to ensure faster growth of its Oracle and Microsoft-based services in Britain. The Rs.2.36 billion company earns 32 percent of its revenues from enterprise solutions business in Britain.

Calsoft has already identified a $60-million company operating in the Oracle space with a workforce of 300.

“We are in talks with that company. However, we are yet to give our intent in writing to that firm,” Calsoft president and chief executive Sam Santhosh told IANS.

According to him, Calsoft is negotiating with banks for loans before proceeding further on acquisitions. The company hopes to raise 50 percent of the proposed purchase price through bank loans.

Calsoft director Heather More said the firm was looking for companies with a headcount of 30-50, both in Britain and India.

“I had much hopes on that acquisition and spent more time to develop that business,” Santhosh said.

Meanwhile in Chennai, the company inaugurated its own centre, built at an outlay of Rs.7.5 million funded by Canara Bank.

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