Vinsys exploring acquisition opportunities in overseas markets

Pune-based IT services company Vinsys on Wednesday said it is exploring acquisition opportunities in overseas markets, including the US and the UK, to expand its global reach and also announced plans to launch its maiden public issue.

Vinsys offers customised courses for sectors such as BFSI, telecom, and government departments, where training for IT and processes is essential. It has a team of over 800 professionals certified by major tech companies and institutions.

The company clocked a revenue of Rs 157.30 crore and a net profit of Rs 16.02 crore during the last fiscal year, Vinsys said in a statement.

Currently, Vinsys operates in the UAE, Oman, Malaysia, Singapore, Nigeria, Kenya, the UK, and the US.

As part of the expansion plan, the company said it is actively seeking inorganic growth opportunities to expand its reach in new markets, including the US and the UK, while continuing to consolidate its position in the Middle East.

The company also plans to open a new corporate office and training centre in Saudi Arabia before the end of second quarter of 2023-24, it said in a statement.

Vinsys is also working towards an Initial Public Offering (IPO) that it aims to complete within the current calendar year.

The company said it has appointed merchant bankers and legal firms for the purpose of fundraising.

“We entered into a nascent industry, enabling us to offer clients customised modules as needed. In time, the company has ramped up its operations and invested in world-class training rooms and facilities with the sustained support of its clients, including global IT majors in Pune,” Vikrant Patil, Founder and CEO of Vinsys, said.

Further, he said, Vinsys is confident to execute M&A transactions and integrate new firms.

“In addition to tapping inorganic growth opportunities, Vinsys is also looking to grow organically. Towards this, the company has already recruited business development teams in the US and is looking to do the same in Europe,” Patil added.

With ongoing global uncertainty, the company said it sees an opportunity to scale its operations. PTI