Mold-Tek to buy US-based KPO firm
Mold-Tek Technologies, engaged in engineering and packaging space, on Monday said its board has approved an agreement to acquire US-based KPO firm Cross Roads Detailing Inc for $1.3 million (approximately Rs 5.5 crore).
By PTI |
MUMBAI: Mold-Tek Technologies, engaged in engineering and packaging space, on Monday said its board has approved an agreement to acquire US-based KPO firm Cross Roads Detailing Inc for $1.3 million (approximately Rs 5.5 crore).
The acquisition of the entire stock of the KPO engineering and detailing company entails a pay-out of $1.3 million to its existing shareholders, effectively making it a 100 per cent subsidiary of Mold-Tek Technologies post-demerger.
Most of the employees of the US-based firm are expected to continue in the firm and promoter Ted Hulsman is expected to be appointed as CEO to head Cross Roads Detailing Inc, in the United States on agreed terms, Mold-Tek Technologies informed the Bombay Stock Exchange.
"In the year 2006-07, our KPO division has achieved 200 per cent growth to reach about Rs 11.40 crore in revenue (unaudited) and the trend is likely to remain positive with this acquisition," Mold-Tek said.
We are confident to further accelerate the company's KPO business with the synergy that the takeover entails, Mold Tek Technologies Managing Director J L Rao added.
Mold-Tek Technologies did not immediately disclose other details of the proposed acquisition.
Reacting to the news of the acquisition, the shares of the Hyderabad-based company went up by 5 per cent at Rs 81.40 on the BSE, as per last trading figures.
The acquisition of the entire stock of the KPO engineering and detailing company entails a pay-out of $1.3 million to its existing shareholders, effectively making it a 100 per cent subsidiary of Mold-Tek Technologies post-demerger.
Most of the employees of the US-based firm are expected to continue in the firm and promoter Ted Hulsman is expected to be appointed as CEO to head Cross Roads Detailing Inc, in the United States on agreed terms, Mold-Tek Technologies informed the Bombay Stock Exchange.
"In the year 2006-07, our KPO division has achieved 200 per cent growth to reach about Rs 11.40 crore in revenue (unaudited) and the trend is likely to remain positive with this acquisition," Mold-Tek said.
We are confident to further accelerate the company's KPO business with the synergy that the takeover entails, Mold Tek Technologies Managing Director J L Rao added.
Mold-Tek Technologies did not immediately disclose other details of the proposed acquisition.
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Reacting to the news of the acquisition, the shares of the Hyderabad-based company went up by 5 per cent at Rs 81.40 on the BSE, as per last trading figures.
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