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Strategies & Market Trends : India Coffee House
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To: Mohan Marette who wrote (10034)12/14/1999 10:55:00 PM
From: Mohan Marette  Read Replies (1) of 12475
 
Leading Edge in talks to buy ECapital Solutions

Govindraj Ethiraj
MUMBAI 14 DECEMBER

MUMBAI-based IT services company Leading Edge Systems (LES) is in talks to acquire ECapital Solutions, a start-up founded by former Hewlett Packard (India) CEO Suresh Rajpal. ECapital was set up just a year ago, in December last, after venture fund Indocean Chase Capital put up $9m to take a roughly 60 per cent stake in the company. Indocean also holds a 12 per cent stake in the Rs 63.5-crore Leading Edge and is seen as the force behind the move to bring the two companies together. Mr Rajpal may take over as CEO of the new entity, if the deal goes through, it is learnt.

The size of the deal could not be ascertained but is likely to be much higher than the $9m originally brought in by Indocean earlier.

The Leading Edge stock has been moving up on the bourses, currently quoting at Rs 1,077.20 on the Bombay Stock Exchange (BSE), up from Rs 997.45 on Monday.
The reasons behind the move are said to be complementary products and services as well as a general move to enlarge and further professionalise the LES management.

Analysts said another reason could be both companies are developing products and not just focusing on services. "Leading Edge has one of the highest billings for an Indian software company," an analyst said.
LES was promoted by three engineers - Ram Bhagwat, Atul Kamat and Tushar Vaidya - in '86 with headquarters at the Santa Cruz Electronics Export Processing Zone (Seepz) in north Mumbai.

economictimes.com
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