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|February 26, 1998||
CBSI acquires staff of CRI LimitedThe US based Complete Business Solutions Inc, through its Indian subsidiary, has acquired the entire staff of the Madras based CRI India Limited.
CRI has suspended its Indian operations.
CBSI, a worldwide information technology consultant and service provider to large and medium sized organisations, has constructed a strategy to grow
In January, the US Security and Exchanges Commission cleared its merger with CW Costello and Associates and its acquisition of Synergy Software Inc.
K Subrahmaniam, vice-president, operations, CBSI, has said "Gradually, after the mergers are completed, we anticipate business from the acquired firms will be passed offshore to India.''
The $128-million CBSI has completed an initial public offering on the NASDAQ. The shares were listed at $12 at the time of the IPO. It is currently trading at $62.
Worldwide, CBSI employs 3,000 software professionals, with about 1,100 in India. It proposes to increase this figure to 2,000 by yearend. CBSI (India) Limited has three development centres in Bangalore, Madras and Hyderabad. The company has invested close to $5 million in infrastructure in its Indian operations.
Subrahmaniam said his strategy is to retain all the Y2K clients beyond 2000. Almost 40 per cent of the company's business is related to Y2K projects. Besides, the company undertakes maintenance, reengineering and enterprise resource planning implementation for its Y2K customers.
Subrahmaniam said CBSI had grown 60 per cent annually. He anticipates that in 1998 the company will touch $250 million in global revenue.
- Compiled from the Indian media
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