I / Mumbai February 15, 2007Hexaware Technologies has earmarked an investment of about $40 million to acquire European firms in the services segment."We are looking at acquisitions in the services segment in Europe. This will be mainly in ERP, business intelligence, BFSI and transportation verticals," Atul Nishar, chairman, Hexaware, said today.Hexaware's liquidity currently stands at around $70 million and hence the acquisitions, expected to be sealed this year, would be executed through internal accrualsis, said Nishar. "There will be no dilution of equity this year."Hexaware is scouting for firms in geographies where it needs to build its market, besides those that offer cross-selling and off-shoreability.Meanwhile Hexaware posted a consolidated net profit of Rs 124.23 crore for the year ended December 31, 2006 (FY06), as against Rs 91.49 crore in FY05.According to a release issued by the group to BSE today, total income for FY06 is Rs 876.38 crore, as against Rs 693.23 crore in FY05.For the fourth quarter ended December 31, 2006, the group posted a net profit of Rs 33.75 crore (Rs 24.75 crore in Q4FY05). Total income for the quarter is Rs 250.19 crore (Rs 182.04 crore in Q4FY05).
