Infotech acquires US-based Time To MarketSeptember 8th, 2008 - 9:14 pm ICT by IANS
Hyderabad, Sep 8 (IANS) Engineering services provider Infotech Enterprises Ltd (IEL) Monday announced that it will acquire the US-based Time To Market Inc (TTM) and all its affiliates. For this, Infotech Enterprises America Inc, the wholly-owned subsidiary of IEL has entered into a definitive agreement with TTM, a semi-conductor design major.
TTM will become part of the newly created hitech vertical at IEL, which will focus on US markets. However, the company has not revealed the financial details of the acquisition.
Infotech corporate affairs president Ashok Reddy told reporters here that IEL would start addressing the European hitech markets in the next financial year. The new vertical will provide complete range of design and verification services to the hitech markets.
Established in 1998, TTM has 40 engineers in San Jose and 80 more in Hyderabad and Bangalore. The company’s revenues last year were $7.5 million.
The application specific integrated circuit (ASIC) design strength of TTM complements the existing strength of IEL in field programmable gate array (FPGA) and board design and embedded software development.
“The combined entity has the capability to provide end-to-end design services to semiconductor, telecom and computing industries,” Reddy said.
“In order to establish a strong presence in hitech design services, IEL evaluated several opportunities and zeroed in on TTM to launch its foray into the Hitech industry,” he added.
According to a report of Nasscom (National Association of Software and Services Companies) on design engineering services, global engineering spend on hitech design services stood at $170 billion in 2004 and is estimated to reach $300 billion by 2020.