8K Miles Software acquires US-based IT firm for Rs 70 crore

NEW DELHI: Secure cloud solutions and managed services provider 8K Miles Software today announced the acquisition of US Healthcare Information Technology firm Cornerstone Advisors Group LLC for $ 10,250,000 (about Rs 70 crore).

"The company's US subsidiary 8K Miles Software Services Inc has entered into a definitive agreement to acquire Cornerstone Advisors Group, LLC...for $ 10,250,000 inclusive of earnout payments as a combination of cash and stock from the 8K Miles US subsidiary," the company said in a BSE filing.

This acquisition is subject to customary closing conditions and is expected to to be over in the quarter ending March 31, 2017.

Cornerstone Advisors Group LLC is a privately held firm based in Georgetown, Connecticut.