California Soft buys 51% stake in Informed Decisions

By agencies   |   Friday, 15 July 2005, 19:30 IST
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CHENNAI: California Software Ltd, has acquired 51 percent stake in Informed Decisions Corp of the U.S. About 50 percent of the $2-million stake will be invested upfront, and the balance over a two-year period, according to S. Santhosh, Managing Director and CEO, California Software. This relationship opens up new opportunities in addressing the growing higher education market not only in North America, but also globally, through California Software's international presence, said Santhosh. Informed Decisions, focuses on education products for universities and centers of higher learning in North America. For the year ended June 30, 2005, it reported revenues of $7 million, according to the company's President and CEO, Dan G. Peterson. The company employs around 30 people, he said. According to Santhosh, Peterson and his team would remain with the company, with Informed Decisions working at the front-end in customer relations and sales. California Software will be involved in operations, new product development and support, he said. The company expects to touch revenues of Rs 1 billion this fiscal.