Tekplay Systems to acquire 3 technology companies by 2020
CHENNAI: Digital business transformation company, Tekplay Systems is looking to acquire three technology companies by 2020, of which two companies based in Singapore and Dubai are already in the pipeline. “We’re in advanced stage of discussion to buy two tech firms and we expect the benefits of new acquisitions to materialise from next fiscal onwards,,” said Prabhuram Ramanathan, Executive Director, at Tekplay.
Tekplay will pay $6 million for the Dubai firm and $13 million for bagging the Singapore company, said Ramanathan, without disclosing names of the companies. The Chennai-based company has acquired three companies in the US in the previous quarter and the new acquisitions are expected to be completed by March 2018. The company also has a presence in the US where a bigger acquisition for up to $30-40 million is in the offing.
Tekplay has major clients in financial services and manufacturing with revenue at $15 million and $10 million respectively and hopes to grow its business to over $100 million by 2021. On the company’s association with India Cements, Ramanathan said, “It is one of our largest clients and we are trying to integrate all the factories through IoT which will further help them to cut down cost and increase productivity.”
On challenges, he said going forward, the company might face pressures in getting the right talent in our digital space. Launched in March this year, the company has acquired three technology companies – XcellFORCE, a San Jose-based services company; Tekoptimize, a products company in California; and GlobalSoft Solutions of New Jersey.
With these acquisitions, the company has grown to a consolidated annual revenue of $30 million in the current fiscal. Tekplay’s partnership with Chennai Super Kings, the IPL team, would integrate e-commerce platform for merchandising and ticketing in a digital platform, said Ramanathan.