Calsoft to acquire stake in Japanese co
In a bid to enhance its presence in the Japanese market California Software Company Ltd (Calsoft) on Friday said its wholly owned US subsidiary, CSWL Inc, has signed an Memorandum of Understanding with Japan's Codex Co Ltd for acquiring a minimum ...
By PTI |
MUMBAI: In a bid to enhance its presence in the Japanese market California Software Company Ltd (Calsoft) on Friday said its wholly owned US subsidiary, CSWL Inc, has signed an Memorandum of Understanding with Japan's Codex Co Ltd for acquiring a minimum of 66 per cent stake for Rs 4.19 crore ($900,000).
In a filing on the Bombay Stock Exchange the Chennai-based company said the MoU with the Japanese IT solutions provider would culminate into a final share purchase agreement and the entire process would be completed by the August end.
The Tokyo-based Codex, provides IT based solutions to Japan's leading commodity trading companies and delivers B2B solutions, trading management systems and various customised packaged solutions to industry majors like Itochu Corporation and Itochu Petroleum.
Calsoft, a software-consulting house providing onsite and offshore development solutions in storage and systems, said it was looking to strengthen its commodity solutions segment with this acquisition.
It added that the the group planned to grow organically as well as through a focused acquisition strategy that would bring synergies to its customer solution offerings.
"This investment is consistent with our mission to provide value added solutions in our chosen domains. The relationship opens new vistas in addressing the growing commodity solutions market in Japan and East Asia," California Software's Managing Director and CEO S Santhosh said.
In a filing on the Bombay Stock Exchange the Chennai-based company said the MoU with the Japanese IT solutions provider would culminate into a final share purchase agreement and the entire process would be completed by the August end.
The Tokyo-based Codex, provides IT based solutions to Japan's leading commodity trading companies and delivers B2B solutions, trading management systems and various customised packaged solutions to industry majors like Itochu Corporation and Itochu Petroleum.
Calsoft, a software-consulting house providing onsite and offshore development solutions in storage and systems, said it was looking to strengthen its commodity solutions segment with this acquisition.
It added that the the group planned to grow organically as well as through a focused acquisition strategy that would bring synergies to its customer solution offerings.
"This investment is consistent with our mission to provide value added solutions in our chosen domains. The relationship opens new vistas in addressing the growing commodity solutions market in Japan and East Asia," California Software's Managing Director and CEO S Santhosh said.
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