BUSINESS
California Software has signed an MoU to this effect wherein it will acquire 51 per cent equity in the Aspire Communication and its US subsidiary.
MUMBAI: California Software (Calsoft) on Tuesday said it will acquire a majority stake in Aspire Communication and its US Subsidiary AspireSoft Corporation for an undisclosed amount.
The entire process is expected to culminate by end July 2007 and is envisaged to be a combination of cash and stock deal, California Software said in a communique to the Bombay Stock Exchange.
"This acquisition will help Calsoft augment its product engineering services. With the hardware design expertise that Aspire Communications brings we can now provide end-to-end solutions in the Outsourced Product Development (OPD) space," California Software Managing Director and CEO Sam) Santhosh said.
California Software has signed a Memorandum of Understanding (MoU) to this effect wherein it will acquire 51 per cent equity in the Aspire Communication and its US subsidiary.
The MoU would culminate into a final share purchase agreement subject to standard closing conditions, necessary approvals and completion of all formalities including diligence.
Aspire has offices in Mysore, Bangalore, and San Jose and focuses on providing hardware design services to technology companies. Aspire is expected to add about 3 million dollar in revenue and 400,000 dollar in net profit to the Calsoft Group on a consolidated basis in 2007-08.
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