Chennai, Dec 17: Calsoft has signed a Memorandum of Understanding (MoU) for acquisition of minority shareholding of 49 per cent in Inatech Infosolutions, a specialised end-to-end Oracle solution provider.
Talking to newspersons here today, Calsoft CEO and Managing Director S Sam Santhosh said ''the acquisition of this part is valued at US Dollar 6.17 million and will be paid through a combination of cash and stocks.'' He said in November 2006, Calsoft had taken 51 per cent majority interest in Inatech and as part of the agreement, Calsoft was to originally acquire the balance in November 2009.
''Inatech's good performance, their management team and European presence have encouraged us to accelerate the buy out,'' he said adding ''we expect this transaction to be accretive to Calsoft's earnings.'' Mr Santosh said Inatech had registered a consolidated revenue of Rs 30.54 crore with profit after tax of Rs 3.6 crore for the half-year ended September 30, 2007.
Inatech Founder and CEO Vedate Srihari said ''there is an increasing demand for high quality systems integrators, who can deliver globally. Now is the time for Inatech to join Calsoft and leverage synergies.''