CNBC-TV18 has learnt that Logix Microsystems is raising close to USD 20 million. This money is getting raised for an acquisition in the US. They want to focus on the US market and, by virtue of this acquisition, they can become the third largest player in the retail automotive segment.

Sources said that Logix Microsystems is likely to close the QIP book on Monday. It is looking to raise around USD 18-20 million via QIP. The fund raised will be used for inorganic growth.

The company is close to acquiring US-based automotive retail software company. The target company has revenues of USD 11.5 million and an EBIDTA of USD 4.5 million. The deal is likely to be closed in a month. The focus is on the US market, where the margins are higher than the Indian market. Analysts said that it makes sense for Logix, who is in the high-end automotive segment.

The management of the company said that they cannot comment on market speculation.

CNBC-TV18 Disclaimer

This information is source-based and has not been provided to the stock-

exchanges.