Jun 122014
 

buys Cynosure for USD 33 million

canada goose outlet canada goose outlet belgium black canada goose outlet reviews friday Zensar Technologies has acquired US based company, Cynosure for USD 33 million. Prashant Nair caught up with Harshvardhan Goenka, Chairman of Zensar Technologies and asked him about the newly acquired company and the market opportunity. canada goose outlet black friday

goose canada goose sale uk outlet canada Zensar canada goose outlet florida in the last couple of years has decided to focus three primary segments insurance, high tech and canada goose parka outlet retail, he said. goose outlet canada goose outlet in toronto canada

50 canada goose outlet store montreal percent of our total business is insurance and we have been looking at opportunities as to how we can grow our insurance practice. We have some marquee clients in the US, in South Africa and Europe, he added.

canada goose outlet shop He believes there were a canada goose outlet lot of benefits by acquiring Cynosure. canada goose outlet trillium parka black It has around 150 people, it is primarily in the property and the casualty space. It is a business which is massive in terms of size, he further mentioned. canada goose outlet ontario canada goose outlet shop

canada goose factory outlet According to him, there was a huge opportunity with insurance companies now wanting to become digital. canada goose factory outlet

Cynosure has a good track record of growing canada goose outlet nyc by over 50 percent a year. We are hoping that this kind of growth can continue in the future, he said.

canada goose black friday sale Speaking of funding this acquisition, canada goose outlet uk sale Goenka said that a large part of this acquisition will be funded canada goose outlet michigan through internal accruals and some part through debt. canada goose black friday sale

canada goose outlet canada Below is the verbatim transcript of the interview. canada goose outlet canada

canada goose outlet nyc Q: Can you explain the rationale behind this? canada goose outlet nyc

canada goose outlet reviews A: Zensar in the last couple of years has decided to focus and canada goose outlet phone number there are three primary segments that we are focusing on, one is insurance, the other is high tech and the third is retail. 15 percent of our total business is insurance and we have canada goose outlet online uk been looking canada goose outlet london uk at opportunities as to how we can grow our insurance practice. We have some marquee clients in the US, South Africa and Europe and our desire was how to get into the Guidewire platform. canada goose outlet reviews

canada goose outlet uk Much of the implementation that has been happening in the insurance space has been on the guidewire platform. Cynosure was a great opportunity, it is one of the leading guidewire platformed companies based out of Chicago with a back office in Bangalore. We felt that there were a lot of benefits by acquiring Cynosure. It has around 150 people, it is primarily in the property and casualty space. A business which is massive in terms of size and growing. canada goose outlet canada goose outlet store uk uk

canada goose outlet in usa We also felt that there was a huge opportunity with insurance companies now wanting to become digital. There is the potential for customers to ask for an omnichannel offering and we felt by this acquisition not only would there be synergies in terms of customers, we could introduce Cynosure to our customers and vise versa but also we could take our offerings to the cloud and digital platform and the track record canada goose outlet winnipeg of Cynosure has been pretty good. It has been growing by over 50 percent a year and we are hoping that this kind of growth can continue in the future. canada goose outlet in usa

canada goose outlet store Q: Would the acquisition be earnings accretive immediately? canada goose outlet store

A: Yes. It will be. The turnover of Cynosure is about USD 20 million plus and the total amount that we will be canada goose outlet online store review paying will be around USD 33 million plus the incentives based on future canada goose outlet parka guidelines.

canada goose outlet uk sale Q: This will be funded via internal accruals? canada goose outlet uk sale

canada goose outlet jackets A: A large part will be through internal accruals but jacketstock some part will be through debt. It was earlier canada goose outlet mall owned by a four partners led by Sid Wadhwa who was the largest shareholder and they will continue working within the organisation, Zensar canada goose outlet toronto organization, Sid Wadhwa will take over as the head of the insurance practice itself. canada goose outlet jackets

canada goose jacket outlet Q: Let us move on to other group companies. Let me begin canada goose outlet store calgary with Ceat which has been leader in that canada goose outlet uk fake particular space. Could you talk to us a little bit about the canada goose outlet toronto factory efforts underway at Ceat to go after the passenger car tyre market? More than a couple of years back Ceat was known as a truck and heavy vehicle tyre manufacturer, you moved aggressively into the two wheeler space and now you wanted to do as far as the passenger car space is concerned. Where are we canada goose clothing uk there in that journey? canada goose jacket outlet

canada goose outlet parka A: We made a very conscious journey difference where we said we will more and more move to the consumer segment and the problem in tyre business is it was very much dependent on commodity prices. So the actual profit play is if we can convert tyres from a commodity to a consumer play and that is what we have been attempting in the last couple of years. canada goose outlet canada goose outlet kokemuksia parka

canada goose outlet toronto factory The emphasis has been primarily on two wheeler and passenger car tyres and we have increased significantly our market share in both these categories. We are putting in significant investments. We have put up a new plant in Nagpur to make two wheeler tyres. We are now putting up a large tyre capacity in Chennai for passenger car radial tyres, we are expanding our capacity in Baroda. So there is nearly a Rs 4,000 crore expansion which is going on at full speed. That on the one hand. canada goose outlet toronto factory

canada goose canada goose outlet new york outlet sale Q: That will be completed over the next two years or so? canada goose outlet sale

canada goose outlet store uk A: In the next one year to one and a half years. On the other hand, we are also putting up a capacity for off the highway tyres primarily farm tyres meant for the international market. Even the passenger car tyres that we are looking at a large capacity will be for the most sophisticated European market. canada goose outlet store uk

Q: Ceat maybe the most valuable business in the group right now, in terms of growth rates over the next couple of years when you said that you are bullish about the market and Ceat being the player it is in the industry, any projections you can make for growth at the company not just this year but the next couple of years?

A: What we are aiming for is not to be the largest tyre company but to be the most profitable tyre company. So I think the entire emphasis is how to grow profitability and that will be our objective in the future.

canada goose outlet online uk Today, the most valuable company within the group is KEC International. canada goose outlet online uk

canada goose outlet new york city Q: canada goose outlet mississauga So you bring me to my next question which is KEC. There is very much a B2B kind of business, right? canada goose outlet new york city

canada goose outlet A: Yes, KEC is primarily EPC player. Our major play is in power transmission where we canada goose womens outlet are global leaders and we have plans not only in India but countries like Mexico and Brazil, we canada goose outlet near me are doing projects around the world, in some of the most difficult terrains in Afghanistan and in Congo and in Africa, we are a leading player in Latin America, we are the largest players, so transmission is one part of the business, the second part is railway infrastructure. canada goose outlet

official canada goose outlet Q: How quickly is that coming along? official canada goose outlet

canada goose outlet online A: It is coming along very well because it is a new business for us, which we started a couple of years back and I am very happy to say that the government has been very proactive giving a lot of orders in railway electrification, we are today clearly the number one player and our order book is nearly Rs 4,950 crore. So the railway business augurs extremely well for the future canada goose outlet online.

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