Information Technology (IT) service provider Nihilent Technologies plans to bring its initial public offering (IPO) over the next 12-18 months. According to a report in the Economic Times, the Pune-based company is currently in talks with investors while also considering floating its maiden public offer.
The company is currently in talks with investors and exploring options for going public, although a lot would depend on external market conditions
– LC Singh, CEO, Nihilent Technologies
Singh also indicated to the company’s plans to list itself earlier this year while outlining the acquisition-led growth route. In the past, the management has made it clear its focus will be on acquisitions to fill gaps in product offerings and geographies.
The senior executive’s comment comes on the heels of Nihilent acquiring a controlling stake in Mumbai-based SAP specialist Intellect Bizware for an undisclosed amount. Nihilent Technologies appears to be an acquisition spree before listing itself on the bourses. Last year in October, the company acquired US-based business intelligence and analytics solution provider GNET. The acquisition expanded Nihilent’s expertise in business intelligence services such as SharePoint and application development.
Nihilent is promoted by Dimension Data and Paracon which own 35% stake each in the company. Dimension Data is a fully owned subsidiary of the NTT Group while Paracon is owned by South Africa’s Adcorp Group. Established in 2000, Nihilent Technologies has a presence in the consulting, IT outsourcing and IT services space. The company’s focus is largely on Africa which accounts for 75% of its annual revenues, although the acquisition of GNET has increased its presence in North America. Nihilent also has small operations in Europe, Middle East and Australia.