Infotech Enterprises Near To Acquire In Europe - Sep 23, 2008

Infotech Enterprises Ltd is close to buying a European company operating in the auto engineering space, for an expected value of $30-40 million. Infotech Enterprises which last year raised $75 million from General Atlantic - has already signed into a letter of intent with the target firm and expects to conclude the acquisition deal by December-end. Offshoring of engineering services is pegged to be a $40-billion opportunity for the Indian software services sector by 2020. Infotech Enterprises has recently bought US-based Time To Market, a company concentrating in the hi-tech design services, VLSI design and software design arena