Mumbai based Geodesic Ltd plans to acquire a new company in communication and social networking space, the mobile solution company infomed in its communique to the stock exchange. The development came within four months after Geodesic acquired Interactive Networks Inc, a South America based software provider of advanced instant messaging and value added solutions in May this year. Geodesic added that the target company has to have global presence.
Geodesic offers technology solutions in information, communication and entertainment space. It offers services in four areas – enterprise, portals and publishers, mobile handset manufacturers & telecom operators and retail business. Its products facilitate global interaction for both business and personal communication.
The shares of Geodesic reacted positively to the acquisition plan, closing at Rs 123.80, up by 2.02%. The stock touched a high of Rs 127 from the low of Rs 119.15 when the market opened.
Since its inception in 1999, the company has been expanding in overseas markets through acquisitions and has been pretty aggressive over the last three years. In 2005, it acquired two companies — Picopeta Simputers, a Bangalore based company, Engage Solutions, a Hong Kong based company — and acquired a majority stake in Clangula IT of Sweden. Geodesic also acquired a web developing company named E Dot Solutions and a children magazine called Chandamama in 2007.
The company has been funding its acquisitions from its $125 million fund raised by issuing FCCBs in January 2008. It has offices in the US, UK, Sweden, Mauritius, Germany and Hong Kong.
Geodesic has posted net sales of over Rs 65 crore in the financial year ended by March 31, 2009, up from its corresponding figure of Rs 31 crore last year. The net profit of the company was over Rs 26 crore in the same period, up from Rs 14 crore from the corresponding figure in the previous fiscal.