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Infotech Forays into Hitech Markets|
- By CXOtoday Staff, Sep 08, 2008 1636 hrs IST
- Tags : Infotech, Time to Market TTM , Hitech design services
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Infotech Enterprises America Inc., the wholly owned subsidiary of Infotech Enterprises Ltd. (IEL) has announced that it has entered into a definitive agreement with Time To Market Inc. (TTM) to acquire the company and all its affiliates.
IEL is an offshore provider of engineering services. According to a press statement, the combined entity will provide end to end design services to semiconductor, telecom, and computing industries.
TTM has 40 engineers in USA and another 80 in Hyderabad and Bangalore, India. TTM will become part of the newly created Hitech vertical at Infotech under Bhanuprakash Cherukuri, senior vice president. The vertical will focus on the US markets and leverage its recent entry into Japan in the near term. Infotech will start addressing the European Hitech markets in the next financial year. The new vertical will provide complete range of design and verification services to the Hitech markets.
BVR Mohan Reddy, chairman and MD of IEL said, "Hitech sector is an important growth market for us. We have reviewed a number of strategic options and decided on TTM. Combined with our processes and reach, we will be able to leverage this acquisition to create a strong momentum in the Hitech markets. Infotech will pursue other organic and inorganic opportunities to address the whole spectrum of the Hitech industry."
According to the NASSCOM BAH report on Design Engineering Services, global engineering spend on Hitech design services stood at $ 170 Billion in 2004 and is estimated to reach $ 300 billion by 2020. The report projects the Hitech domain to be the fastest growing segment of opportunity. Hitech is also estimated to have the largest engineering spend and is the most open to global engineering processes. The potential in Hitech industry for off shoring is estimated in excess of $15 billion by 2020.
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