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Calsoft takes over U.S. firm
By agencies
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Wednesday, 13 July 2005, 19:30 IST
CHENNAI: California Software Co Ltd (Calsoft) today announced the acquisition of 51 percent equity stake in U.S.-based Informed Decisions Corp (IDC) for $2 million.
The officials informed that the Chennai-headquartered Calsoft would acquire the majority stake in $ 7 million turnover IDC through its fully owned U.S. subsidiary CSWL Inc.
The acquisition, which is subject to necessary approvals, would be completed by the end of this current quarter, Sam Santhosh, Managing Director and CEO of Calsoft said. The company would pay $1 million upfront while the remaining amount would be invested in IDC over a period of three years, as per the deal.
IDC, which focuses on education products for universities and higher learning institutions in the U.S., enables its clients (over 65 institutions) to manage the payment and collection process from over a million enrolled students.
"This relationship opens new vistas in addressing the growing higher education market not only in North America, but also globally through our international offices," he said.
This is the fourth acquisition by Calsoft, after it acquired 51 percent stake in Kochi-based Team Frontline Ltd in September 2004 and 100 per cent stake in Bangalore-based Web Spectrum Software Ltd in December 2004. In March 2005, Calsoft acquired US-based healthcare software firm American HealthNet.
