Hyderabad IT firm Infotech acquires US-based Daxcon Engineering in all-cash deal
19 Jan 2010
Hyderabad-based Infotech Enterprises, has acquired Illinois, US based -based Daxcon Engineering Inc for an undisclosed sum in an all-cash deal. Infotech provides engineering design, geospatial information and information technology (IT) services.
According to B V R Mohan Reddy, CMD, Infotech, Daxcon specialising in off-road heavy engineering and aerospace sectors, would bring eight large customers to Infotech, including Caterpillar, Terex and Boeing.
He added that the company's 150 local resources would be critical to Infotech's success.
Daxcon posted revenues of $21 million (approximately Rs97 crore) in 2008. It had suffered a setback with the economic meltdown in 2009.
The company's current revenue stands at $14 million (Rs 65 crore).
''With the economies in the US and Europe recovering, we expect Daxcon to start gaining momentum in the next couple of quarters,'' Reddy said.