Saksoft to buy additional 25% stake in ThreeSixty Logica

By: | Published: June 29, 2016 4:48 PM

Information management solutions company Saksoft is looking to acquire an additional 25 per cent stake in ThreeSixty Logica Testing Services.

Earlier this year, Saksoft had picked up 51 per cent stake in Noida-based ThreeSixty Logica for an undisclosed sum aiming to strengthen its testing and quality assurance services. (Reuters)Earlier this year, Saksoft had picked up 51 per cent stake in Noida-based ThreeSixty Logica for an undisclosed sum aiming to strengthen its testing and quality assurance services. (Source: Website)

Information management solutions company Saksoft is looking to acquire an additional 25 per cent stake in ThreeSixty Logica Testing Services.

“The Board of Directors at their meeting held today has approved to acquire a further 25 per cent stake in ThreeSixty Logica Testing Services Pvt Ltd, subsidiary of the company,” the Chennai-based company said in a BSE filing.

The board said it has authorised Saksoft’s Chairman and Managing Director Aditya Krishna and Chief Financial Officer, Nirajkumar Ganeriwala to take up acquisition process.

“The cost of acquisition involved in acquiring 25 per cent stake is Rs 8 crore plus the proportionate share of Net Current Assets at the time of closing,” the company said.

Earlier this year, Saksoft had picked up 51 per cent stake in Noida-based ThreeSixty Logica for an undisclosed sum aiming to strengthen its testing and quality assurance services.

Saksoft said the demand for independent testing services was growing at a phenomenal rate in current social, mobile, analytics and cloud and e-commerce segments.

“Saksoft focus on digital space and information management combined with the expertise in independent testing make the company a niche technology provider,” it added.

The transaction is expected to complete by first week of July.

ThreeSixty Logica registered revenue of Rs 29.67 crore for the financial year 2015-16.

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