The country's second largest software exporter, Infosys Technologies, is working to bag 15 deals worth $1 billion in the second quarter, amid hopes of a surge in global outsourcing demand which was adversely hit on accounts of global slowdown.

S. Gopalakrishnan, the Chief Executive of the company said: "Typically in a quarter we have 12-15 deals in the pipeline and it continues to remain the same in the current quarter." Leading Indian software firms, including Infosys and sector leader Tata Consultancy Services Ltd, have reported a significant rise in their net profit during April- June period, beating the estimates of analysts. However, the export-centric outsourcing firms have yet to wait for improvement in global demand, especially in the traditional export markets of USA and Europe.

Mr. Gopalakrishnan further added: "We are looking at companies which are 10 percent of our revenues. You can say we are looking at companies with revenues in the range $450-$500 million." He said that Nasdaq-listed Infosys may carry out acquisitions in Japan, Australia, Latin America and Europe in an attempt to revive slowing growth.

Wipro Chief Financial Officer Suresh Senapaty also said that his company is looking for global opportunities like rival Infosys. He added: "We are looking at companies with revenues of around $30 million, but there's no upper cap."