California s/w acquires 66 pc in Japan's Codex

New Delhi, Jul 28: California Software Company today said its wholly-owned US subsidiary, CSWL, will acquire a majority 66 per cent stake in Tokyo-based Codex Co for an all cash deal of 9,00,000 dollars.

An MoU has been signed between both the companies and the entire process would be completed by the end of August 2006.

''The relationship opens new vistas in addressing the growing commodity solutions market in Japan and East Asia,'' California Software Managing Director and CEO S (Sam) Santhosh said.

This is the company's fifth acquisition in the last two years.

The group plans to grow organically as well as through a prudent and focused acquisition strategy that brings synergies to its customer solution offerings, a company statement said.

Codex, an information technology-based solutions provider, posted net profits of 14.5 million Yen with revenues of 90.4 million Yen for the year ended March 31, 2006.

UNI