IT firm Saksoft acquires US-based firm
The Chennai-based information management specialist company, in a filing to the BSE, said EDP would operate as a separate entity in the US. It would be a direct subsidiary of Saksoft Inc, United States.
"Saksoft Inc, US has completed acquisition of 100 per cent stake in EDP, by signing a share purchase agreement on December 31, in United States", it said.
"EDP has been operational for seven years and has grown consistently well for the last few years. The terms of the deal have not been disclosed. The acquisition is effective immediately".
"We have been impressed with the strength of EDP in the information management area and we believe for our US geography's growth, this acquisition is a good fit", Saksoft, CEO, Aditya Krishna said.
"Saksoft is investing in sales, marketing and delivery capabilities for the US market and EDP will be an additional channel for client acquisition and account management," he added.
Shares of the company were trading at Rs 40.70 apiece, down 0.37 per cent over the previous close in BSE.
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