Financial Daily from THE HINDU group of publications
Tuesday, Dec 31, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 31, 2002 |
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Info-Tech
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Mergers & Acquisitions Mascot to acquire 2 cos for $10 m Our Bureau
BANGALORE: Mascot Systems Ltd proposes to pay approximately $10 million for acquiring two group companies eJiva and Aqua Regia Technologies Pvt Ltd. Mascot has informed the Bombay Stock Exchange that the board of directors at its recent meeting has approved the acquisition of the solutions business of eJiva for a cash consideration of approximately Rs 45 crore ($9.46 million) and Aqua Regia Technologies for Rs 2.3 crore ($0.5 million), subject to regulatory approvals if any. While the acquisition of the eJiva solutions business will be effective January 1, 2003, the Aqua Regia acquisition will be effective from April 1, 2003. For eJiva, Mascot will be paying $4.73 million upfront as down payment while the balance is being paid in four equal quarterly instalments over 12 month period. The Pittsburgh-based eJiva is an iGate Corporation company (iGate is Mascot's parent in the US) and has expertise in enterprise application services, data management, and integration and business intelligence. These capabilities are expected to complement Mascot's broad-based offshore capabilities and expand the range of its services. — Our Bureau
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