Date : 27 – 07 – 2010 : DNA News

Elsner Tech eyes foreign acquisition :
A barely four-year-old Ahmedabad-based ITeS company, Elsner Technologies, is planning to buy a firm either in UK or US. Promoted by two young entrepreneurs, Harshal Shah (29) and Sanket Patel (27), the company has an employee strength of 180 at present, which it is eying to double in next two years with plans of starting a unit in SEZ. Till now, Elsner has focused on search engine optimisation (SEO), but now it is expanding in e-commerce space for its clients based in US and Europe.

“Even today, e-commerce has much scope in the West. As per clients demand, we will be requiring huge manpower in India and also need a physical base in either US or UK. So, we have decided to acquire a small company in the West,” said Shah. Of the company’s total turnover, exports contribute 99%. “We started the company with a cyber café’s computers in 2006 with a team of five persons and capital of few thousand rupees. In four years, we have witnessed manifold rise in turnover.

Now, our existing premises in Shahibaug in Ahmedabad is not sufficient. So, we have decided to expand in an SEZ,” said the co-founder and managing director of Elsner Technologies, Harshal Shah. At present, around 180 employees work with Elsner. “By March 2011, we will add 100 and by March 2012, we will have more than 500 employees,” said Shah. Talking about funds, Shah said that for acquisition and expansion, the company is ready to take loans from banks and has some internal accruals as well. “Apart from that, in next three years, we are also planning to hit the capital market by launching an IPO. But it is too early to talk about it,” added Shah.