California Software Company Limited has announced that the company has signed a Memorandum of Understanding (MOU) for acquisition of the minority shareholding of 49% in Inatech Infosolutions, India; the acquisition is approximately valued $ 6.17 million.
Earlier in November 2006, the Company had taken 51% majority interest in Inatech Infosolutions. However, the company was to originally acquire the balance in November 2009.
Founded in 1992, California Software Company Ltd is a public limited company in India with a global presence. Its development practices are certified at CMMi Level 5. On the other side, Inatech Infosolutions, founded in 2002, is a fast growing Oracle Certified Advantage Partner (CAP) in EMEA region.
Sam Santhosh, MD & CEO, of Inatech Infosolutions said, “Inatech's good performance, their management team and European presence have encouraged us to accelerate the buy out. We expect this transaction to be accretive to Calsoft's earnings. Given the size of our organization and the complementary nature of our businesses, we should recognize substantial revenue synergies and significant economies of scale.”
Source: Top News