Infotech Enterprises said on Thursday it was looking to buy two US companies by March to boost presence in that country.

The deals could be in the range of USD 10 million to USD 20 million each and would be funded through its cash surplus, the company said in a statement to the NSE.

Infotech may also add 500 engineers in the current fiscal year ending March 2010, it added.

Shares in the company, which rose as much as 8.6% to a 12-month high of Rs 327 early in the session, have eased to Rs 309.70, still up 2.9% at 12:03 p.m. in a weak Mumbai market.