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Monday, January 16, 2006

Ventech Solutions plans to issue IPO

In an effort to emerge as a global player in software product development, Ventech Solutions has chalked out plans to acquire two Indian companies, report agencies.

A leading IT services company with offices in the US and Chennai, Ventech solutions has also announced Rs 40 crore (Rs 400 million) expansion plans in India, which will employ over 1,000 IT professionals over the next few years.

"Strategic dialogues are progressing to acquire two companies, one in Chennai and the other in Hyderabad. We will complete the acquisition by first quarter of 2006. The initiative will add USD 5 million to our revenues," said Ravi Kunduru, CEO of the company at a press conference.

The CEO said Ventech had plans to acquire companies in the US also.

With a gross income of Rs 50 crore (Rs 500 million) in 2005, Ventech had finalised strategies to achieve revenues to the tune of Rs 117 crore (Rs 1.17 billion) by 2006 and Rs 450 crore (Rs 4.50 billion) by 2008.

"Apart from our existing facilities in Chennai, we are planning four more development centres in the city. Two of them will be completed by the end of 2007 and the other two by 2008.The initiative will provide employment for over 1,000 IT professionals," Kunduru said.

Ventech Solutions, which had been acknowledged as one of the `top 10 best places to work' in Central Ohio, US by the Business First magazine, has developed nine products in seven different verticals.

Currently the company is focussing on education, banking, insurance, automobile, health care and manufacturing sectors.

Kunduru said Ventech had plans to issue IPO during the third quarter of 2007.

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