Sonata Software to acquire US company Encore Software Services

Sonata Software on Wednesday announced the acquisition of US IT services company Encore Software Services, a move that will enhance its capabilities in cloud engineering, application development and maintenance, and data management. In a regulatory filing, Sonata Software said its wholly-owned subsidiary Sonata Software North America Inc (SSNA) has signed a definitive agreement with the shareholders of Encore Software Services, Inc. The acquisition cost involves an upfront payment of $ 6. , $ 37 million (including adjustments for working capital, cash and net debt) and a deferred payment of $ 8.25 million payable over 3 years, he added. Encore Software Services, incorporated in 1998, is headquartered in San Jose, with a development center in Chennai. This is a continuation of our M&A strategy focused on strategic acquisitions aligned with our digital transformation strategy focused on platform, access to seasoned local leadership talent and entry in new verticals. “We are delighted to welcome the Encore team to the Sonata family and to commit to Encore customers a high and ongoing level of service, in addition to the other capabilities Sonata brings to broaden and deepen relationships,” Srikar Reddy , Managing Director and CEO of Sonata Software, said. In a separate filing, Sonata Software said it also signed a definitive agreement with shareholders of Encore IT Services Solutions Company, based in Chennai. The acquisition will help Sonata expand into a new development center in Chennai, providing access to a larger talent pool, according to the filing. It will provide access to a technological talent pool of 300 people focused on cloud engineering, application development and maintenance, and data management with expertise in pharmacy and healthcare logistics. , he added. The acquisition cost involves an investment of $ 1.2 million, he said.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


Source link