8K Miles buys Canadian pharma stat-up Mindprint

MUMBAI: India's only listed cloud solutions provider 8K Miles has bought Canada-based clinical research software start-up Mindprint.

The acquisition, which involves $1,50,000 in cash and $2,50,000 in stock, has been made through 8K Miles' US-based subsidiary 8K Miles Software Services Inc.

This deal includes acquisitions of Mindprint's intellectual property, client contracts and employees, 8K Miles Chairman Suresh Venkatachari said.

The transaction is expected to close before end-March, subject to meeting customary buyout norms, he said.

Shares of 8K Miles closed at Rs 718, down 0.28 per cent on the BSE, whose benchmark Sensex plunged 604 points, or over 2 per cent, on negative global cues.

Mindprint's domain knowledge of clinical research and pharma outsourcing operations will provide 8K Miles additional competitive advantage to capitalise on the growth potential in the related markets in India and abroad, the company said.