Infomedia India buys publishing company for $12 mn
New Delhi, Mar 20: Yellow Pages publishing major Infomedia India Ltd today (Mar 20, 2006) said it will acquire a majority 83 per cent stake in the International Typesetting and Composition (ITC) for 12 million dollars.
ITC, a Noida-based company, with a front-end in Fort Lauderdale in the USA, is in the business of providing publishing services to book publishers around the world.
Following its recent acquisition of the UK-based Keyword Group Ltd, and the Bangalore-based Cepha Imaging Systems, the new acquisition is expected to further consolidate Infomedia's position in the burgeoning publishing services industry - with a presence in both the UK and the US.
''We had identified publishing services and e-publishing as a growth area and feel Infomedia is ideally placed to exploit opportunities in this high-growth segment. ITC complements our earlier acquisitions perfectly. We obtain a front-end in the US, an excellent roster of clients, and a world-class facility in Noida,'' Infomedia Managing Director Prakash Iyer said.
ITC employs about 275 people with expected revenues for the year estimated at 4 million dollars.
Infomedia will buyout the balance stake by June 2007. The current management team will continue to be in place, facilitating the transition.
Earlier, Infomedia had announced the 7 million dollar acquisition of the UK-based Keyword Group and Cepha Imaging Systems, a Bangalore-based firm.
The booming 250 million dollar publishing BPO market in India, is clocking an annual growth of 30 per cent, with profit margins, varying between 30-40 per cent, according to industry sources.
Currently, less than 15 per cent of the global publishing work is currently being outsourced from India. The Indian publishing BPO industry is at present focusing on the US and UK markets, where, India, with several advantages like trained professionals, proficiency in English, a favourable time zone and lower costs, is expected, to emerge as one of the main outsourcing centres for the developed world.