Chennai-based IT company Saksoft Ltd said on Wednesday it will increase its stake in Noida-headquartered software testing services firm 360Logica to 76% from 51% for Rs 8 crore ($1.2 million) in cash.
The transaction will be closed in the first week of July, Saksoft said in a stock market disclosure. The deal will also include the proportionate share of net current assets at the time of closing, it added.
Saksoft said its board has given its in-principle approval to increase its stake in 360Logica, operated by Threesixty Logica Testing Pvt Ltd, to 100% in the future based on key performance parameters.
Saksoft had acquired a 51% stake in 360Logica for an undisclosed amount in January last year.
Saksoft said demand for independent testing services is growing rapidly in the social, media, analytics and cloud segments as well as e-commerce. The acquisition of a larger stake in 360Logica is part of the company’s broader plan to enlarge its footprint in the testing domain, Saksoft said.
The latest transaction values 360Logica at Rs 32 crore. It had posted revenue of Rs 29.68 crore in the 2015-16 financial year, nearly double from two years before. The company offers high-end software testing programs and test solutions to independent software vendors, software product companies and small and medium-sized companies. It was founded in October 2009 by ex-GlobalLogic employees Asad Khan and Rohit Singh.
Saksoft was founded in 1994. It is a small-sized IT firm which offers technology solutions in areas such as information management, web development and business application testing. It caters to financial services, telecom and public-sector clients. It also has offices in the UK, the US, Germany and Singapore.
Saksoft had, in January 2013, acquired US-based business intelligence and information management company Electronic Data Professionals Inc for an undisclosed amount.
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