IT services provider Softline plans to acquire about 30 IT companies as part of its mergers and acquisitions strategy. 80% of the funds (i.e. $320 million) raised during the company's IPO in November will be directed to this.
Softline clarified that they intend to buy "relatively small local companies with a turnover of $100-300 million." In total, the preliminary list for the acquisition is estimated at $1.5 billion. Softline plans to close two or three deals, which are now at an advanced stage, during the current fiscal year (until March 31, 2022).
Through the deals, the company also plans to expand its service expertise in AWS (Amazon Web Services), cyber security. as well as digital transformation services.