Vishal Information Technologies Ltd (VITL), a Chennai based BPO company in data archival and e-publishing space, will acquire a firm based in the Nordic region. Without disclosing the name of the target company, VITL said that it will fund the acquisition via money raised through GDR (Global Depositary Receipt) issue. VTIL believes that the acquisition will help the company to boost its sale and increase the turnover by Rs 20 crore and profit by Rs 3.60 crore, it said in its communique to the stock exchange.
VITL added that the target company is one of the leading solution providers of flexible software system that processes invoices electronically. It provides solutions to over 75 companies in multiple locations of the region.
VTIL has been in the domain for the last eight years and offers services including data digitization & conversion, e-publishing, digital library solutions and print on demand (POD) conversion. Its clients are government and semi-government organizations, large and medium sized companies, NGO’s, Universities, publishing houses and legal entities.
VTIL, a $13 million company with offices in Mumbai and Chennai, has posted a revenue of over Rs65 crore in the financial year ended by March 31, 2009, up from Rs40 crore in the previous fiscal. The company also achieved net profit of over Rs15 crore, up from Rs12 crore in the previous fiscal.
The company plans to increse its authorised share capital of the company from Rs20 crore to Rs30 crore by creating 10 crore new equity shares of Rs1 each. The company has raised Rs1.60 crore through GDR issue in the month of March 2009.
VITL also runs three subsidiary companies that include fund accounting service KPO Basiz Fund Service Pvt Ltd, online publisher Coral Hub Online Services Pvt Ltd and Tutis Digital Publishing. Coral Hub Online Services is going to launch its online book store in september 2009 to cater to Rs 3500 crore Indian book market. In August 2008 Basiz Fund Services Pvt Ltd has recieved $2 million (Rs 8.5 crore) in funding from NEA-IndoUS Ventures.
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