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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)

SIFY 11.07

+1.7%

12:59 PM EST

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To: Mohan Marette who wrote (803)	2/21/2000 8:40:00 PM
From: Mohan Marette	Read Replies (1) of 1471

OT Indian Software Co Logix Microsystems Plans US Acquisition Tuesday, February 22 9:07 AM SGT BANGALORE, Feb 22 Asia Pulse - India's Logix Microsystems Ltd, a leading solution provider in the Customer Relationship Management (CRM) market space, announced today that it would acquire a mid-sized software company in the US. Top company officials said here that the Board of Directors of the company earlier Monday approved the raising of US$15 million by expansion of equity to fund the acquisition in the US, to fund future growth and to retire existing debt. The company's President Tej Soni told reporters here that they were looking to acquire a US company with revenue of about US$8 million to US$12 million. "We have started identifying the companies in the US and expect to complete the acquisition in three months", the company's Managing Director, Sanjay Soni said. Officials said a number of mutual funds and financial institutions have evinced keen interest in the offering of equity from Logix and the company was confident of closing the placement before next month-end. Tej Soni said the company saw the acquisition as a vehicle to enter the US market, gain strategic accounts, increase consultant base and enhance shareholder value, among others. He said the company was looking out for joint ventures in portals and telecom and would make a foray into the internet-based education soon. -(PTI) via Dow Jones

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