DUBAI — 3i Infotech, a global provider of IT solutions for various businesses, including takaful (Shariah-compliant insurance), has set aside Dh367.29 million ($100 million) to take over some companies this year in the UAE and the whole Middle East, and the US.
"This will enable us to extend the services that we provide to our customers," said Hari Padmanabhan, the company's deputy managing director. He also said the budget is a 54-per cent increase from last year's acquisition programme worth Dh238.73 million ($65 million).
3i Infotech had acquired 11 companies in the UK, the US and India from last year to March 2007, and has so far taken over another three companies since April. "And we're planning to acquire quite a few more," Padmanabhan said, addding that the company has acquired a total of 25 companies since 1999.
He said the UAE, where 31 Infotech has offices in Dubai and Sharjah, is the company's biggest market in the Middle East. He added that Saudi Arabia would be one of its largest markets in three years' time. 3i Infotech recently set up an office in Kenya, and has full-fledged operating offices in Kazakhstan and the UK.
Africa registered a significant increase of 60 per cent in revenue for 3i Infotech products last year. Europe, the Middle East and Africa form 80 per cent of the company's market while Central Asia and other countries hold 20 per cent.
Having 500 customers in 50 countries, 3i Infotech provides technology services, software products and packaged applications for banking, financial services and insurance (BFSI), manufacturing, contracting, and retail and distribution services. Its major clients in India include those in asset management, business process outsourcing (BPO) and business intelligence, and the retail industry in the US. Padmanabhan said the company also concentrates on offering a comprehensive software application product for takaful in the Middle East, wherein 10 of the 14 companies concentrating on Islamic insurance are 3i Infotech customers.