Calsoft to acquire majority stake in Singapore based Cordite

CHENNAI: Calsoft (California Software), company engaged in information technology (IT) enabled services signed a Memorandum of Understanding (MoU) on Tuesday to acquire majority stake in Singapore based Cordite PTE which owns Infinia Services and Solutions DMCC, that provides e-commerce IT solutions.

The acquisition will make Calsoft, a Chennai registered company into a global leader in loyalty management and digital solutions, the company stated.

Infinia will be Calsoft’s subsidiary and Calsoft will support the former with a software solutions platform, analytics, predictive analytics, blockchain technology, payments technology and in increasing its global market reach across the USA and India.

The acquisition is subject to satisfactory completion of due diligence, reference checks, internal approvals and all regulators. Currently Infinia operates in over 35 countries including Middle East, Africa, South Asia and South-East Asia regions. Infina's has consolidated revenue of $15 million as on 31 December 2016.

Shares of Calsoft ended 4.95% higher on the BSE on Wednesday at Rs 53.05.