Infosys technologies, the major software service providing group is currently looking for acquisition of small & medium software companies in banking & financial services & health & life sector.

The target company must have revenues in the range of $50-100 million. Coo of infosys, Kris Gopalakrishnan said that the group has always been open to strategic acquisition opportunity & it still is. However, he did not confirm the closing of any deal or gave a signal of being in negotiations with any group.

He also denied the fact that the group is close to acquiring a financial services software company in North America. Kris further endorsed the company’s plan to set up five SEZs in tier-II cities such as Mysore, Bangalore & Thiruvananthapuram.

Kris said that the group currently has nine development centers across India including Tier-II cities such as Mangalore, Mysore, Bhuvneswar, Chandigarh & Thiruvanathapuram.

The rise in the value of rupee against US dollar was an issue of concern for Kris and he said that its hand to make a straightforward position on the issue.

India may earn huge profits from rise in the rupee but according to Kris, IT industry can only benefit from a weaker rupee.