Subex Systems, the Bangalore-based telecom software company, has posted rapid growth and proposes to grow faster in the current year by also accessing the acquisition route.  The company intends to raise $15 million through foreign currency convertible bonds for funding acquisitions.

Revenue has touched Rs 89.13 crore (Rs 8.91 million) for 2003-04, up 27 per cent on the previous year. Net profit stood at Rs 17.75 crores (Rs 1.77 million), up 78 per cent over last year. The products business grew sharply by 60 per cent, thereby accounting for nearly 45 per cent of revenues, the company said.

The company expects revenue from products to grow by about 30-35 per cent, while the services business is tipped to grow by 7-10 per cent, leading to a overall topline growth of about 15-20 per cent. Profit after tax is expected to grow by 25-30 per cent.