India and US-based Idhasoft, an IT consulting and solutions company, has received a capital infusion of $30 million from Bahrain-based Arcapita Bank. The bank has picked up a 12% stake in Idhasoft, valuing the company at $250 million. The promoters shareholding in Idhasoft, which include the three founder and HDFC Bank, stands at 65%, while some HNIs hold another 10% stake. Idhsoft’s focus areas are SAP, Oracle, IBM, retail and supply chain and technology services.
Idhasoft has an aggressive acquisition strategy and has acquired 24 companies since its inception in December 2006. In one year of operation, the firm has managed to reach revenues of $100 million with a bottomline of $7.6 million. The profit-after tax stood at $4.7 million.
Idhasoft has development centers both in India and United States. The firm is close to three more acquisitions, which would cost around $19 million, and plans to use this capital infusion to fund these acquisitions. Only last week it had acquired California-based Ubex Corporation for Rs 24 crore. Idhasoft is planning to raise an additional debt of $50 million to fund its acquisition drive. More than half of the revenues come from its acquired companies, while the rest come from organic growth. Idhasoft, headquartered in Norcross, Georgia, has more than 1200 employees and around 600 clients.
Arcapita Bank has to date completed over 70 transactions valued at around $27 billion. Arcapita has invested in $325 million Ascendas India Development Trust and has also tied up with Suzlon’s Tanti to invest $2 billion for creating a portfolio of 1,650 MW wind energy in China.