We have enough gun powder to make an acquisition: Prashant Ranade, Syntel
Mid-sized IT services provider Syntel has not done an acquisition for a long, long time. Prashant Ranade, CEO and President, thinks the last one might have been in 1997. With about $300 million in cash, Ranade says the firm is now open to acquiring but is not looking for mega-size buys, but niche purposeful ones that add to its capability in the industries it services.
"We have enough gun powder (to buy)" Ranade said in a interview to ET. "But many companies underestimate the challenge of integrating an acquisition." Syntel, promoted by a US-Indian Bharat Desai, shares its notorious shyness to acquire with Infosys and the similarity of being a US-headquarted company with delivery based out of India with Cognizant.
The latter is a definite advantage when it comes to positioning, says Ranade.
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