California
Software Company Ltd (Calsoft) has signed the share purchase
agreement for the acquisition of a 51-per cent stake in
Aspire. The two companies had agreed in May for Aspire''s
majority stake to be bought out by California Software.
The
enterprise valuation of Aspire Communications Pvt Ltd,
India, and its US subsidiary, Aspire Soft Corporation,
was decided at Rs106 million. The agreement envisages
direct investments by California Software into Aspire
as well as purchase of some stake from existing shareholders
to obtain the 51-per cent stake.
According
to K Narasimha Nayak, CFO, California Software, "The
financial results of Aspire will be consolidated in Calsoft
group from the second quarter with effect from July 2007.
This company is targeting to add Rs120 million in revenue
and Rs16 million in net profit to the Calsoft Group in
2007-08."
Aspire
Communications is a technology driven company that focuses
on providing embedded hardware design services, product
re-engineering, outsourced product manufacturing, device
driver development, RTOS porting, application software
development and specialized services to Technology companies.
Aspire has reputed clients like Intel Corporation, General
Electric, Texas Instruments, NDR of Japan.
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