Sonata Software share price rises 3% on acquisition of Texas-based IT company

The acquisition is in cash deal and expected to be closed within 30 days subject to completion of customary closing conditions.

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Sonata Software share price rose over 3 percent in the early trade on February 23 after its wholly owned subsidiary Sonata Software North America Inc signed a definitive agreement to purchase Quant Systems Inc.

Sonata Software to make an upfront payment of $65 million and $95 million achievement-based payment over the next two years. However, certain additional payments on achievement of additional targets, company said in its release. This acquisition is in line with Sonata’s strategy to accelerate the growth curve and build scale, it added.

Quant Systems Inc, a Texas-based IT services corporation, is an enterprise data analytics and cloud modernisation service provider.

The corporation has deep domain expertise in banking and financial services, healthcare and life sciences, and consumer / retail serving Fortune 500 clients.

The acquisition is in cash deal and expected to be closed within 30 days subject to completion of customary closing conditions.

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“We aim to be the fastest-growing next-gen digital firm delivering modernisation and digital outcomes for enterprises through our platformation framework. To achieve this vision, we have outlined some key strategic drivers to build scale through service offering expansion in modernization, invest in BFSI and healthcare and life sciences verticals, and build global centres,” said Samir Dhir, MD and CEO of Sonata Software Limited.

“Quant Systems aligns to our strategic drivers and will enable us to win larger deals in our focus-verticals and adds two large clients to our top 5 clients list,” he added.

At 9:16am, Sonata Software was quoting at Rs 707.65, up Rs 17.45, or 2.53 percent on the BSE.