With cash and cash equivalents of over $4 billion, the company is seen, like many other Indian outsourcers, as not being aggressive enough in expanding its business across continents by acquisitions. It is acquiring Lodestone for an aggregate enterprise value of 330 million Swiss francs (US$350 million) in cash.
North America accounted for 63.9 percent of its revenue in the third quarter, with Europe contributing 21.9 percent. Revenue growth in North America was up by about 2.2 percent at constant currency rates, while it was up 5.1 percent in Europe starting from a smaller base. The growth there reflects a growing interest in offshoring by European customers aiming to cut costs, Vemuri said.