Continuing with its healthy M&A appetite, Pune-based IT consulting firm KPIT Cummins Infosystems Ltd, in which Cargill Ventures invested $9 million in 2007, is looking at acquisition opportunities in the US.
The board of directors of the company will meet on October 30, 2009 to discuss the same, said the company in its filing to the stock exchange. The company offers enterprise-wide solutions for automotive and industrial sectors.
KPIT has been quite active on the M&A front acquiring five companies so far. In 2003, it acquired US-based Panex Consulting Inc, a SAP implementation services firm in business intelligence & data warehousing space, followed by the acquisition of SolvCentral.com in 2005. It also acquired Pivolis.com, a French outsourcing consultancy firm in 2005; CG Smith Software Pvt Ltd, an automotive electronics software & solutions company in 2006; and the mechanical design services business of Harita TVS Technologies in 2008.
Net sales and net profit of the company in fiscal 2008-09 were Rs 793.15 crore and Rs 65.81 crore respectively. The stock was traded at Rs 83.10, down by Rs 2.85 or 3.29% at 12:39 pm today.