Financial Daily from THE HINDU group of publications
Friday, Jul 15, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 15, 2005 |
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Info-Tech
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Mergers & Acquisitions California Soft buys 51 pc stake in Informed Decisions Our Bureau
Chennai , July 14 CALIFORNIA Software Ltd, a Chennai-based software company, has acquired a 51-per cent stake in Informed Decisions Corp of the US. About 50-per cent of the $2-million stake will be invested upfront, and the balance over a two-year period, according to Mr S. Santhosh, Managing Director and CEO, California Software. This is California Software's fourth acquisition in the last 12 months. The company, which employs around 600 people, plans to grow organically and through acquisitions, which bring synergies to its customer solution offerings, says a press release. Both companies have signed a letter of intent, which will culminate in a share purchase agreement once the formalities are completed by the end of the current quarter. This relationship opens up new opportunities in addressing the growing higher education market not only in North America, but also globally, through California Software's international presence, Mr Santhosh told newspersons. Informed Decisions focuses on education products for universities and centres of higher learning in North America. For the year ended June 30, 2005, it reported revenues of $7 million, according to the company's President and CEO, Mr Dan G. Peterson. The company employs around 30 people, he said. According to Mr Santhosh, Mr Peterson and his team would remain with the company, with Informed Decisions working at the front-end in customer relations and sales. California Software will be involved in operations, new product development and support, he said. The company expects to touch revenues of Rs 100 crore this fiscal.
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