Midas Medici's Cimcorp acquisition a step in international expansion, says exec

- Tuesday, August 9, 2011

Midas Medici's Cimcorp acquisition a step in international expansion, says exec

US IT company Midas Medici's purchase last Friday (Aug 5) of Brazilian IT solutions firm Cimcorp corresponds to the former's goal of becoming an international IT organization, Midas Medici president, CFO and co-founder Johnson Kachidza said in a conference call.

"This major acquisition represents a giant leap toward our goal of transforming Midas into a truly international organization with sophisticated IT offerings and smart grid solutions in both the US and around the world," he said.

And further acquisitions are in the plans, according to Kachidza, with Brazil and its expected double-digit ICT growth being the "front door" to expand business throughout Latin America.

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Midas is focusing on Cimcorp's cloud-based services and wants to take advantage of its established infrastructure, gaining ground in Brazil from the company's prominent customer base, which includes public companies and is spread throughout the country, the executive added.

In addition, the acquisition - for which a price was not reported - "doubles Midas' consolidated revenue-generating capabilities," Midas CEO and co-founder Nana Baffour noted.

According to Kachidza, the purchase also took into consideration sizeable ICT infra business opportunities that will unfold in Brazil in the coming years, especially due to preparations for the 2014 World Cup and the 2016 Olympic Games. And the company intends to drive an ever greater increase in US-Brazilian ICT business deals and services.

Also, being considered a "green company," Midas Medici expects to improve and implement green IT solutions in Cimcorp technologies and throughout Brazil's IT sector, the executives said.

Cimcorp has operated in Brazil since 1998 and currently has 2,000 employees in 10 states.