ICICI Infotech Services Ltd is targeting revenues of Rs 1,000 crore in three years from the current Rs 265 crore.
"We are expecting about 20 per cent of growth in revenues this year. But in the next three years, we expect revenues of Rs 1,000 crore," said V Srinivasan, managing director and chief executive, ICICI Infotech.
The company expects about 30 per cent of revenues to come from inorganic growth. "About a third of the revenue would come from acquisitions," he said.
According to Srinivasan, the company looking at a couple of acquisitions. "We are closing a couple of acquisitions. We are looking at making acquisitions to add complementary skills to our existing products and open new markets," he said.
"We have kept our options open. But we will go for only software product companies and not IT service companies," he added.
ICICI Infotech had made six to seven acquisitions in both domestic and international markets in the last three years. ICICI Infotech first acquired Ivory consulting in June 2000 for $8 million and a month later took over Object Export for $3 million.
The company also strengthened its toehold in the US through the acquisition of Command Systems for $39 million, while entering West Asia after buying Dubai-based Insyst Technologies. ICICI Infotech recently strengthened its presence in the domestic market through the acquisition of Ajax software.
The company is also expected to make a private placement within 12 months to raise about Rs 100 crore to fund acquisitions and expansion plans. "We are working on the details of the private placement. We will issue additional equity raise the funds," he said adding that the company's market capitalisation as on last financial year was Rs 600 crore.
The present shareholders of the company are ICICI Bank with 30 per cent equity, ICICI Ventures with 63 per cent equity and Emirates Bank International with the rest.
ICICI Infotech is also entered into a joint venture with the German research firm Franhufer ISST to jointly develop a software product for the global market.
Apart from US, Middle East and Indian market, the company has set its eyes on the UK and EU markets. The company was likely to bag a large contract from one of European Union member countries.
ICICI Infotech, which specialises in the development of financial software especially in banking and insurance, has bagged a Rs10.5 crore deal from Oriental Insurance. Elaborating on the tie-up, Srinivasan said the company would be implementing the new software system "Premia" in two years.
The software arm garnered over 80 per cent business from the financial sector including banks, insurance companies and mutual funds. This company had recently opened its branch in Australia, apart from UK and US.
