California Software to acquire Inatech for $6.17 mn
California Software Company to acquire remaining 49% stake in Inatech Infosolutions for $6.17 mn.
By PTI |
MUMBAI: Software development firm California Software Company (Calsoft) today said it will acquire the remaining 49 per cent stake in Inatech Infosolutions, India, for $6.17 million (Rs 24.47 crore), making it its wholly-owned subsidiary.
California Software was to originally acquire the said stake in November 2009.
In a filing to the Bombay Stock Exchange, the company said it has signed a Memorandum of Understanding with Inatech, a specialised end-to-end Oracle solutions provider.
Calsoft would fund the acquisition by way of cash and stocks, subject to regulatory approvals.
"Inatech's performance and presence in Europe have encouraged us to accelerate the buy out. Given the size of our organisation and the complementary nature of our businesses, we should recognise revenue synergies and significant economies of scale," CEO Calsoft S Santhosh said.
Earlier in 2006, Calsoft had acquired 51 per cent majority stake in Inatech Solutions UK and Inatech InfoSolutions India.
Inatech is a specialised Oracle solution provider with a major focus in construction, hi-tech, manufacturing, distribution and has primarily focused on the UK market.
Inatech posted consolidated revenues of Rs 30.54 crore and with profits after tax of Rs 3.6 crore for the half ended September 30, Calsoft added.
Shares of Calsoft were trading at Rs 84, down 1.64 per cent on the BSE in afternoon trade.
California Software was to originally acquire the said stake in November 2009.
In a filing to the Bombay Stock Exchange, the company said it has signed a Memorandum of Understanding with Inatech, a specialised end-to-end Oracle solutions provider.
Calsoft would fund the acquisition by way of cash and stocks, subject to regulatory approvals.
"Inatech's performance and presence in Europe have encouraged us to accelerate the buy out. Given the size of our organisation and the complementary nature of our businesses, we should recognise revenue synergies and significant economies of scale," CEO Calsoft S Santhosh said.
Earlier in 2006, Calsoft had acquired 51 per cent majority stake in Inatech Solutions UK and Inatech InfoSolutions India.
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Inatech is a specialised Oracle solution provider with a major focus in construction, hi-tech, manufacturing, distribution and has primarily focused on the UK market.
Inatech posted consolidated revenues of Rs 30.54 crore and with profits after tax of Rs 3.6 crore for the half ended September 30, Calsoft added.
Shares of Calsoft were trading at Rs 84, down 1.64 per cent on the BSE in afternoon trade.
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