Ontrack to acquire U.S. Co for $6.94M

By agencies   |   Thursday, 18 May 2006, 07:00 Hrs
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MUMBAI: Ontrack Systems Ltd on Wednesday said it will acquire U.S based Intellisys Group for $6.94 million.

The company has signed a share purchase agreement with Intellisys for acquisition of its group companies. The amount would be paid partly in stock of the company and partly in cash, Ontrack informed the Bombay Stock Exchange.

The acquisition entails three stages of acquisition including acquisition of Intellisys Austria in the first stage and thereafter Intellisys U.S. and Intellisys India respectively.

Intellisys Group is a global information technology and IT enabled Services Company. Its shares were trading, up 9.56 percent at the BSE.

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