CHENNAI: Fast-expanding IT product firm Zoho Corporation has acquired 100% equity in L&T Chennai Projects and thereby will get beneficial interest of
SEZ land in Vallancheri village near Maraimalai Nagar. The land was held by L&T Chennai Projects, a developer of the SEZ. Zoho didn't comment on the transaction details.
The acquisition has been ratified by the board of approvals. A share purchase agreement was executed between the two firms on May 9, 2013.
Zoho has been looking for more office space as it is growing fast and its existing facility in DLF IT Park in Porur is falling short. "We are running out of space in Porur office. There is a lot of growth on the horizon especially in cloud computing," said Hyther Nizam, V-P of product management at Zoho in an interaction prior to approval granted by the board of approvals. He also said the company is looking to expand its workforce by at least 20% in the next 12 months, of which half have already been recruited through campus hiring. Zoho also has an office at Tenkasi in Tirunelveli district, in which 30 employees are working.
Zoho, founded in 1996, is an IT product firm headquartered in US but majority of the workforce is based in Chennai. It makes a variety of software solutions, from office productivity software to network management systems.
Source : timesofindia.indiatimes.com