CALSOFT signs letter of intent for stake in Inatech Solutions
Chennai, Sept 14 (UNI) California Software Co Ltd (Calsoft) today announced signing of a Letter Of Intent (LOI)) to acquire majority equity stake in Inatech Solutions UK and Inatech InfoSolutions India.
Addressing a press conference here, S Santhosh, Managing Director&CEO, Calsoft, said the LOI would culminate into a definitive share purchase agreement, subject to standard closing conditions, necessary approvals and completion of all formalities by Oct 31, 2006.
Inatech is a specialized Oracle solutions provider with a major focus in construction, hi-tech, manufacturing, distribution and the government sector.
The company enjoyed the highest level of Oracle partnership - Certified Advantage Partner in the EMEA region. This elite status allowed it to service the full range of Oracle products worldwide.
Inatech primarily focused on the UK market and continued to work with Oracle's E-Business suite and new technologies like fusion and mobile applications.
Inatech posted consolidated revenues of USD 7.05 Million (Rs 32.30 crore) and net profits of USD 0.86 Million (Rs four crore) for the year ended April 2006. The revenues of Inatech for the current fiscal year were projected to be USD 10 million (Rs 46 crore) and profits after tax to be USD 1.1 million (Rs 5.06 cr).
'Inatech brings rich Oracle expertise in the enterprise space, especially within the UK market. Enterprise business is one of our focus areas. This will further enhance our value offering globally.' Mr Santhosh said.
Mr Vedante Srihari, Managing Director and co-founder, Inatech Solutions added, 'The rationale for entering into this agreement was to partner with a larger company with a sound track record.
Calsoft's resources and strengths will only enhance our capabilities and global reach. Joining Calsoft group will allow us to service our existing clientele better.' UNI WS AA 1548