Calsoft acquires majority stake in Aspire Communications

Chennai, May 22 (UNI) California Software Co Ltd (Calsoft) today announced the signing of a Memorandum of Understanding (MoU) to acquire 51 per cent equity in Aspire Communications Pvt Ltd.

(Aspire).

The MoU will culminate into a final share purchase agreement, subject to standard closing conditions, necessary approvals and completion of all formalities, including diligence, a company release here said.

The entire process was expected to culminate by July 2007 and is envisaged to be a combination of cash and stock deal.

"This acquisition will help Calsoft augment its Product Engineering Services. With the Hardware Design expertise that Aspire Communications brings, we can now provide end-to-end solutions in the Outsourced Product Development (OPD) space", the release added quoting S Santhosh, Managing Director and CEO, Calsoft.

UNI