The proceeds would be used to fund the acquisition - between US $ 8 and 12 million - besides clearing other financial commitments of the company. The funds are expected to be in by March, he said. In this regard, the company will seek shareholders' approval at its extraordinary general meeting which will be held later.

He said post-acquisition, the company will have three divisions - business solutions group, e-commerce and web solutions groups and Internet-based education group (which is expected to be launched soon).

Soni said Logix was growing rapidly and in order to fund its growth it was imperative to raise more funds through expansion of equity. ``Logix is committed to increasing shareholder wealth and a takeover at this stage will boost revenues of the company and put it on the fast-track to growth. We have a clear road-map for growth and will achieve a post acquisition revenue of $17 million,'' he said.

Logix's president Taj Soni said, the company was currently in discussion with three US firms and the acquisition was expected to bring in a large number of accounts from Fortune 500 companies. The acquisition would be a complete cash deal, he said. ``The acquisition will jump-start our US operations and will also provide a captive market for its CRM solutions,'' he said.

He said the company was also looking at joint ventures, portals and telecom and Internet-based education. Its Internet products were in the pipeline and would be launched during the end of the fiscal. Currently, the company has CRM solutions for the mutual fund industry and later it would also enter into segments like pharma and telecom, he said.