India's Sonata Software rises on deal to acquire Quant Systems

Sonata Software

23/02/2023 04:35

** Shares of Sonata Software Ltd  SOFT.NS  rise as much as
4.17% to 719 rupees
    ** IT services provider says its unit Sonata Software North
America Inc. signed an agreement to buy Texas-based IT services
corporation Quant Systems Inc.
    ** Co to make upfront payment of $65 million, followed by
deferred achievement-based payouts up to a maximum of $95
million, payable over two years
    ** Additional payments on achievement of additional targets
to follow
    ** More than 373,268 shares traded as of 9:36 a.m. IST, vs
30-day avg of 366,523 shares
    ** Of the six analysts tracking SOFT, four maintain "buy"
and two suggest "hold"; median PT is 700 rupees - Refinitiv data
    ** Stock lost 14.2% in 2022, after a 122% climb in 2021
 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com; +91 8075473630;))