GAVS Tech eyes to double revenue from mergers & acquisitions
May, 10th 2017
IT services and solutions provider GAVS Technologies is looking to double its global revenues through a series of mergers and acquisitions this year, a top official said today.
The city-based company which has operations in United States and the Middle East, last year reported revenues of USD 40 million globally, GAVS Technologies, CEO, Sumit Ganguli said.
"This year (2017-18) we are looking (at) organic (growth) including one of the M&As (mergers and acquisitions) which we have done.. We are looking at USD 50 million revenue.. If other M&As come through, we can anywhere be around USD 70-80 million (revenue) by next year," he told PTI.
GAVS Technologies had recently acquired another company which has operations in United States and Middle East.
"It is in the Telecom (sector) and serves the government in Middle East.. The second company which we are in the process of acquiring is engaged in BFSI sector in United States," he added.
On operations in India, Ganguli said GAVS Technologies largely serves the banking and financial services industry as compared to healthcare, which forms the majority of the business done globally.
"It is largely BFSI sector that contributes more revenue (to Indian operations), which is almost about 60-80 per cent," he said.
"Revenues from Indian operations will be USD 15 million out of USD 40 million," he said to a query.
To a query on increasing head count, he said, of the total sub-1000 employees present globally, 600 of them are based out of Chennai.
"In Chennai, we have about 600 employees.. With all those we are talking about (mergers and acquisitions), we are looking to add about 25 per cent of that headcount," he said.
GAVS Technologies serves various companies across verticals in healthcare, banking and financial services, media and publishing and manufacturing sectors.