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Logix Micro nears $20m buyout in US
Logix, with a market cap of $75 million, provides business and technology solutions to blue-chip companies in the US, Far East, Middle East and India.
Updated : Sep 15, 2017, 02:25 AM IST
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MUMBAI: Small-cap software developer Logix Microsystems is close to buying a US-based software firm for about $20 million to beef up its auto dealer-centric software-as-a-service (SaaS) offerings.
Logix, with a market cap of $75 million, provides business and technology solutions to blue-chip companies in the US, Far East, Middle East and India.
According to Logix managing director Sanjay Soni, the slowdown in the US economy has prompted most auto original equipment manufacturers (OEMs) and their dealers to take steps to cut operational costs using information technology. Through this planned acquisition, Logix hopes to cash in on this opportunity.
SaaS can help companies slash the total cost of ownership (TCO) of IT infrastructure by 40% due to its pay-per-use nature. This way, user companies save the cost of owning infrastructure such as hardware and software and maintaining it. “This is why we have witnessed a 30% increase in demand for our SaaS-based software,” said Soni.
According to estimates, the potential for the automotive dealer solutions market in the US is $300 million while in Europe it is $500 million and in India, $20 million.
Logix’s online tool izmocars offers several features that aid in car accessory and colour selection, customisation, order and customer relationship management and order tracking, among others.
Meanwhile, the company has finalised a half-a-million-dollar order with Microsoft for automotive specific content for MSN. Logix has similar deals with other portals such as Yahoo and AOL. While Logix has clocked a growth rate of 60% due to its US-centric business, the company is yet to tap the Indian market.
“We are evaluating the Indian market through our portal Carazoo.com. We have signed deals with two Bangalore-based automotive dealers and have finalised a deal with Mumbai-based Mahindra & Mahindra,” Soni said.
Carazoo.com attracts 5 million page views and generates as many as 400 leads for dealers and car buyers daily, he added.
The company will set up one studio each in Brussels and Bangalore to build on its automotive content generation business. Logix has 375 employees, of which 300 are in
India.
t_amit@dnaindia.net
