Sonata Software Ltd is set to buy a 15% stake in Denmark-based IZARA ApS for $96,000 (Rs 61 lakh) in an all-cash deal.
The company said in stock-exchange disclosure that it is acquiring the stake through its wholly-owned UK-based subsidiary Sonata Europe Ltd. It is looking to grow its presence in the Nordic region through this investment.
Headquartered in Copenhagen, IZARA ApS is an IT consulting company that serves clients in the US and Nordic markets. Its net-worth was $240,000 as on 30 September 2017.
Sonata Software is primarily engaged in the business of providing IT services and solutions to customers in the US, Europe, West Asia and Asia Pacific, besides acts as distributor of software products in India, according to its annual report.
In 2016-17, the company’s revenue from international IT services segment stood at Rs 815 crore, while Europe accounted for one-fourths of its earnings.
The company’s consolidated revenue was Rs 2,521 crore and net profit was Rs 153.7 crore in the year through March 2017.
Recent deals in the IT sector
Last month, Larsen & Toubro Infotech Ltd, the software services arm of engineering giant Larsen & Toubro Ltd, had agreed to acquire Luxembourg-based Syncordis SA along with its subsidiaries in France, the UK and India.
In October, Wipro Digital, the digital business unit of IT services major Wipro Ltd, had acquired design and business strategy consultancy firm Cooper Software Inc for $8.5 million (around Rs 55.4 crore) in an all-cash deal.