India-based information technology (IT) company GSS Infotech is looking to raise RS385 crore ($75m) through investors via a qualified institutional placement, or through convertible bonds or depository receipts.
The private equity branch of fiduciary services company IL&FS owns a 13.1% stake in GSS while investment firms Clearwater Capital Partners (11%) and Kubera Cross Border Fund (7%) are also shareholders, according to Indian news provider VCCircle.
Founded in 1999, GSS has also stated in a regulatory filing that it is seeking firms dealing in cloud computing and virtualisation with revenues of more than $30m for acquisition.
The company has already acquired a number of US-based firms including data analysis company Infospectrum Consulting in 2006, IT consultancy System Dynamix in 2008, IT infrastructure group ATEC Group in 2009, IT consultancy Velocé in 2010 and IT services company GCI Systems in July this year.