)
IT services company Kellton Tech Solutions is targeting a revenue of $100 million by the close of the fiscal 2015-16 through a mix of acquisitions and a strong annual growth in existing business operations.
The BSE-listed company, which has operations in the US and India, plans to acquire at least two firms of $10 million each, in both the markets, by the end of next fiscal.
As part of its expansion plans, Kellton is opening its new office in California in the US, and would hire 500 more professionals across its operations, including 100 in Hyderabad.
In the previous fiscal, it had clocked revenues of around $35 million (Rs 200 crore) with a headcount of 650 individuals (200 in the US and 450 in India).
The New Jersey-headquartered company, which provides enterprise mobility solutions, mobile application development and internet-of-things, has offices at three centres in the US and two in India at Gurgaon and Hyderabad. Its customers include retail and e-commerce, telecom, media and publishing and education.
On fund raising plans, Niranjan Chintam, its founder and chairman, said the company would raise $25 million through a mix of equity and debt by the next fiscal-end.
“We would prefer to raise the money through institutional placement to a private equity via preferential allotment, with 40 per cent coming through equity and 60 per cent from debt,” Chintam said.
On the timeline for fund-raising, he said, “to achieve the $100 million revenue target, we have to raise them much before that and probably very soon”.
On emerging areas of interest for the company, Krishna Chintam, MD and co-founder, said the internet-of-things, SMAC (social media, mobility, analytics and cloud) and data security were its “sweet spots”, and added Kellton had been working on these areas significantly at its R&D centres.
While North America contributes a major 50 per cent to its overall revenues, followed by India and Asia Pacific with 30 per cent and Europe with a share of 10 per cent.
