Calsoft hastens Inatech buy
Chennai-based software developer Calsoft has signed a memorandum of understanding for the acquisition of the remaining 49 per cent stake in Inatech Infosolutions for $6.17 million. The acquisition will be made through a combination of cash and stocks.
In November 2006, Calsoft had taken 51 per cent majority interest in the Indian and UK operations of Inatech, a specialised end-to-end Oracle solutions provider in the enterprise segment. As a part of the agreement, Calsoft was to acquire the remainder in November 2009.
Calsoft Managing Director and Chief Executive Officer S Santhosh said, “Inatech’s good performance, its management team and European presence have encouraged us to accelerate the buyout. We expect this transaction to be accretive to Calsoft’s earnings. Inatech Chief Executive Vedante Srihari will head Calsoft’s enterprise solutions strategic business unit.”
After expanding its Oracle application practice, Calsoft has seen significant increase in business in the enterprise applications area in North America, which contributed 66 per cent to the company’s top line in the second quarter ended September 30.
Last November, Calsoft had also acquired a 100 per cent equity stake in the US technology consulting firm, International Innovations, for nearly Rs 5.3 crore. The company also completed the acquisition of Mysore-based Aspire Communications and its US-based subsidiary Aspire Soft.
Calsoft posted consolidated revenues of Rs 169 crore for the year ended March 31. Calsoft and its subsidiaries currently employ over 1,000 people at development centres in Chennai, Bangalore and Mysore, Pleasanton, Alameda (California, USA) and Boston (Massachusetts, USA).
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SPEEDING UP
Calsoft has signed a MoU for acquisition of the balance 49 per cent stake in Inatech
Infosolutions for a consideration of $6.17 million
Inatech is a specialised end-to-end Oracle solutions provider in the enterprise space
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