California Software Company Ltd (CalSoft) has sold its subsidiary Informed Decision Corporation (IDC) to Higher One, a US-based financial services and payment company, it said in its filing to the BSE.

Higher One has acquired CalSoft's entire 51% stake in IDC. The total size of the deal for a 100% stake stands at $36 million (~ Rs 180 crore), which includes the value of the sale, anticipated earn out and service revenue.

The stock price of the firm jumped by nearly 5% to Rs 33.85 on Friday. The Chennai-based software developer reported revenues of Rs 258 crore with a net loss of Rs 20 crore for FY09.

“We plan to deploy the return from this sale to make similar investments.” said Sam Santosh, Managing Director and CEO of Calsoft.

Leave Your Comment(s)