Sonata Software shares gain 2% on $160-mn contract with US retailer

Company signed its largest-ever contract with a total contract value (TCV) of USD 160 million for ten years with a US-based consumer retail company.

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The Sonata Software share price rose 2 percent in the early trade on March 22 after the company signed its biggest-ever contract worth $160 million for 10 years with a US-based consumer retailer.

Sonata Software will be managing end-to-end IT modernisation and transformation for the client.

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Earlier this month, the company’s wholly owned subsidiary Sonata Software North America Inc (SSNA) completed the acquisition of Quant Systems Inc and its subsidiaries.

The subsidiary had signed a definitive agreement to purchase a Texas-based IT services corporation on February 22 with an upfront payment of $65 million.

At 9:16am, Sonata Software was quoting at Rs 819.45, up Rs 17, or 2.12 percent, on the BSE.