Baring acquires 'substantial' stake in InfrasoftTech

Mumbai, July 11: InfrasoftTech Technologies Limited (ITL), aMumbai based global company, focused on providing financial softwareproducts, here today announced that Baring India Private EquityPartners (BPEP) has acquired substaintial stake in it with an initialinvestment of Rs 100 crore.

Making an announcement in the presence of Rahul Bhasin, ManagingPartner, BPEP, ITL's Managing Director Hanuman Tripathi told a newsconference that the investments made by BPEP would be utilised forproposed expansion plans of ITL including infrastructure development,acquisitions and enhancing systems within next two years.

''The ITL has identified five companies in the overseas and it mayacquire at least one within next six months,'' Mr Tripathi said addingthat ITL will grow from Rs 100 crore to Rs 100 million U S Dollarscompany in next two years. The company will also enhance its manpowerfrom 500 to 2000 by the time.

Both Mr Tripathi and Bhasin did not disclose the size of the stake, but informed that it was a 'substaintial stake'.

''The Rs 100 crore investment the BPEP has made in ITL will be aninitial investment and it may bring more funds as and when required,''Mr Bhasin said on the occasion.

To begin with at least three directors from BPEP will join the Board of the InfrasoftTech, Mr Tripathi said.

ITL has specialised in products like Anti Money Launderingsolution, Wealth Management, Islamic Finance and Anti Money Laundering.It had a strong presence in UK, Europe, Middle East, South East Asia,Africa and Asia besides a large number of customer base among the Smalland Medium Size Bank and financial institutions in India, Mr Tripathisaid.

According to him, BPEPs investment will help them in strenghening their existing base and new opening.

Mr Tripathi ruled out immediate fund raising by ITL through anInitial Public Offer (IPO), but said he was hopeful of second round ofinvestment by BPEP after next two years. The company may access thecapital market only after the second round of investment.

UNI