Globsyn Infotech Ltd (formerly Synergy Log-In Systems Ltd), a comprehensive payment solutions company, is looking to acquire IT/ITeS companies catering to the BFSI (banking, financial services and insurance) space in India or abroad, according to market sources.
The company is looking at either a 100 per cent buyout, or a pure participation model where the founders will continue to control the day-to-day operations of the acquired company.
Market sources said the Mumbai-based IT company is keen to further upgrade its presence in BFSI and is looking to gain scale in areas such as mortgage and loan management, besides payment solutions.
“These are strong growth areas where they see sustained demand regardless of economic cycles. The company has a good presence in the payment solutions space, and is keen to tap into a wider client base with a variety of sourcing opportunities which an acquiree company can give them. Hence, the client composition of a potential company will be important,” sources said.
Globsyn is also having acquisition talks with two companies in southern California, though progress has been slow on these fronts, sources added. The company had earlier said in a release to the Bombay Stock Exchange that it expects progress on this before the year-end.
Globsyn Chairman Bikram Dasgupta did not respond to emailed queries on the company's inorganic growth plans.
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Privately-held Globsyn Infotech has over 200 employees on its rolls. It primarily has two divisions focused on the education industry and software and training. The company functions mainly in India, Malaysia, the US, Singapore and Sri Lanka.
For the quarter ending September 30, Globsyn posted revenue of Rs 1 crore. Revenues were Rs 4 crore during the year ending March 31, 2009. The company has been adding new customers in the mainstream and co-operative banking sectors with the addition of new products like SwifThru.