Gemini acquires Veeras for Rs 7 crore

Gemini acquires Veeras for Rs 7 crore

The acquisition to extend Gemini’s network security and business continuity capabilities

Monday, June 16, 2008

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CHENNAI, INDIA: Networking firm Gemini Communication Ltd (GCL) has acquired a majority stake in Veeras Infotek, a Chennai-based privately held company, for Rs 7 crore.

Gemini is funding the acquisition through its internal accruals.

The acquisition will extend GCL's network security and business continuity capabilities and will also increase the company's client base, said Gemini Communication in a press release.

"The addition of Veeras Infotek will advance GCL's vision of becoming a major player in network security space," said Ram Kumar, executive director, GCL.

Kumar added that the company is keen to retain and grow the senior management of Veeras Infotek.

"GCL's global reach, scale, widely recognized brand and customer relationships make it the ideal partner for Veeras Infotek. Our combined teams will create exciting growth opportunities for Veeras Infotek and our customers. We look forward to the association with the GCL team," said Sudarsan Ranganathan, CEO, Veeras Infotek Private Limited.

Gemini also said that with the current order book position of over Rs 200 crore and Veera's acquisition, the company's profits are likely to grow by over 50 per cent in financial year 2009 over FY 2008.

The company is likely to achieve earnings of Rs 24-27 per share for the current year, as a result of its multiple core businesses and the acquisition.

©CyberMedia News

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