Pune: After completing its first acquisition in Pune, Concio Corporation is on its way to acquire a Bangalore-based company. This company has been short-listed for its domain experience in the wireless products area and the deal is expected to be through in a month or two and is expected to be an all stock deal. Concio has already completed its first acquisition. In a stock deal, Concio has acquired Pune-based Sixth Sense from Scala Mindworks.Mr Achyut Godbole, managing director and head of Concio's India operations said the company was earmarking US $2 million this calender year for acquisitions. Concio is also on its way to have a presence in Europe with an office in London and in Japan with an office in Tokyo. "These will initially start as sales and marketing offices but eventually become development centres," Mr Godbole said. The company is looking at turnkey projects from these markets. Concio will be soon appointing Vice President for Europe and Vice president for Japan.
For expansion of Concio's Indian facilities in Mumbai and Pune, the company has earmarked US $3 million. Mr Godbole is looking at a turnover of Rs 25 crore from Concio India in the first year of operation. The Concio team strength is currently around 100 in India and 350 in the US. This will go up to 250 in India and around 900 in the US by March 2002. The Bangalore facility will be revitalised by end of the year, Mr Godbole said.
Concio is currently focussed on telecom and finance. "We are evaluating healthcare and the manufacturing also," Mr Godbole said. Concio will also be working in the Indian market but it would only be looking at MNCs in India, Mr Godbole said
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
