Helios & Matheson eyes foreign company

Source: IRIS NEWS DIGEST (20 November 2006)

The Chennai-based Helios & Matheson, a healthcare-focused IT services company, is planning to acquire a `pure-play` American or European company shortly, reports Business Standard.

The company plans to touch around Rs 4 billion by financial year 2007 (around Rs 2370 million consolidated revenue in 2006).

The firm plans to set up an offshore development centre in Coimbatore at an investment of USD 6 million a year. It already has a presence in Chennai and Bangalore.

Around 37% of the company`s 2006 revenues came from its healthcare business. Worldwide, this is a very profitable segment. IT spending in the vertical markets will exceed USD 2.2 trillion in 2006.

Financial services and healthcare industries will lead the IT five-year spending growth, while government, healthcare and utilities are the fastest-growing global markets in 2006.

Earlier this year, the company acquired Tact, its fourth acquisition, which will give the company a niche expertise in the life sciences domain, offering image interpretation, data analysis, clinical trials and pharmaceutical research.

Tact will soon be renamed as `Helois Matheson North America`. The US market contributed 71% revenues. The company is spanning out to markets in Europe and Asia-Pacific. Around 9.5% of its total revenues come from one single client while 38.6% from its top five clients.

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One Response

  1. Sucheta Dalal
    29th January, 2007 Indian Express

    Mystery sale

    For over a year now, Rajeev Sawhney, the non-resident Indian financier of Vmoksha Technologies has been knocking the doors of every regulator to establish gross irregularities in a deal to sell vMoksha to Helios & Matheson (H & M) Information Technology. He alleges that Pawan Kumar, his partner and chief of Indian operations surreptitiously opened an account with State Bank of Mauritius in the name of Vmoksha Technologies. The bank in turn opened this account with Pawan Kumar’s signature alone and also lent it $13.5 million (on 28th June 2005) that was swifly transferred to H & M. Sawhney says, if H & M bought vMoksha at $ 19 million, why was vMoksha transferring $13.5 million to it? Sawhney’s complaints to the two national bourses and the market regulator have been ignored.

    But a criminal complaint filed with the Metropolitan magistrate’s court in Mumbai was admitted on 19January and summons issued to State Bank of Mauritius officials, H & M and Pawan Kumar. This may finally solve the mystery of the alleged sale of vMoksha to H & M before another litigation filed at Chennai winds its way through the legal system.

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