Acropetal appoints consultancy firm for acquisition

Ahmedabad, Feb 17 (PTI) Bangalore based IT and BPOfirm Acropetal Technologies today said it has roped in a topconsultancy firm for its proposed acquisition plans.

The company is hopeful of closing the acquisitiondeal within three months of the closure of IPO.

"We have engaged one of the top five consulting firmsin India to identify the companies for us in India as well asabroad for acquisition," Acropetal CMD D Ravi Kumar toldreporters.

"As per the DRHP we have disclosed that within threemonths we are going to close the deal post the IPO," Kumarsaid. However, he did not divulge the name of the firm.

The key focus areas for Acropetal have been healthcareservices, energy and environment services.

The company plans to raise around Rs 170 crore throughits IPO which is scheduled to open on February 21 and closeon February 24.

According to DRHP, Rs 55 crore from the IPO proceedsshall be used for acquisition purposes, while Rs 25 crore willbe used for making part repayment of term loan, and Rs 19.45crore shall be spent on overseas expansion.

With a view to raise revenues from the healthcaresegment, the company has picked up 20.4 per cent stakeholdingin a Bangalore based firm Binary Spectrum, in the past for aconsideration of about Rs 5.1 crore, a company official said.

The company has proposed to establish offices in USA,UK, Middle East and South East Asia.