9th May 2016 11:08
LONDON (Alliance News) - SQS Software Quality Systems AG said Monday it has agreed to buy up the remaining 25% of SQS India Infosystems, formerly Verisoft Infosystems Pvt Ltd, that it does not already own.
SQS bought a 75% stake in the company in June of 2008. The remaining shares are to be acquired for INR785 million, or around EUR10.5 million, in cash from Gireendra Kasmalkar and his wife. For 2015 SQS India made a pretax profit of EUR3.1 million.
The acquisition is a related party transaction under AIM rules as Gireendra Kasmalkar continued as managing director of SQS India until the end of March 2016, and subsequently has continued as a non-executive director.
"SQS has invested considerably in India over the past decade to ensure the company can meet the growing service demands of our global clients, while seeking to drive more efficiency and output from our employee base. Therefore, today's announcement is in line with that stated strategy," said Chief Executive Officer Diederik Vos in a statement.
Shares in SQS were down 1.3% at 485.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SQS Software Quality Systems AG