Saksoft shares surged over 17 per cent on Friday after the digital transformation solutions provider said it has inked an agreement with DreamOrbit to acquire a 60 per cent stake in the company.
The acquisition will strengthen Saksoft's offerings in the digital space with special emphasis on IoT or Internet of Things, the Chennai-based company said in a release to Bombay Stock Exchange.
DreamOrbit has been providing specialist technology solutions for the logistics and transportation enterprises and has offices in Bengaluru and Delaware (USA). The company has 230 employees and works with more than 40 active customers. Almost all the revenues of DreamOrbit are offshore driven and it cater primarily to the US market with a small portion coming in from rest of the world.
Commenting on this acquisition, Saksoft chief financial officer Nirajkumar Ganeriwal said: "Saksoft & DreamOrbit share the same vision to provide digital & innovative solutions to customers. The overall profitability of the combined entity will improve since the DreamOrbit revenues are offshore driven. This acquisition will happen in a phased manner and will be completed by 2019."
Ad of 12:33 p.m., Saksoft shares traded 17.30 per cent higher at Rs 258.60 apiece compared to a 0.15 per cent fall in the Sensex.
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