Bartronics raises EUR 34 million, plans acquisitions
Bartronics enjoys a strong marketshare on the Indian subcontinent. The company supplies smart driving licenses to some Indian State Governments, participates in the pilot project for the Indian National ID Program, and in a pilot project for smart debit cards for some Indian Banks. Bartronics is also involved in automatic identification and data capture (AIDC) and RF-ID projects. Bartronics management says its US$ 100 million (EUR 68 million) smart card manufacturing plant (cf. Smart Insights #07-21), with a capacity of over 80 million cards, is almost fully booked for the next two years. Bartronics sales were INR 644 million (EUR 11.1 million) for fiscal year ending on March 31, 2007, and its net profit was INR 135 million (EUR 2.3 million) for the same period. The company anticipates revenue of INR 2 billion (EUR 34.4 million) for fiscal year closing on March 2008, with a net profit at 20% of revenue.
Bartronics announced its intention to close by the end of this month an acquisition in the United States, for an amount of US$ 25 to 30 million (EUR 17 to 20 million). Bartronics is also looking at acquisitions to make its foray into Europe and other parts of Asia.