 "8K Miles Software gains as board approves acquisition of Cornerstone")
8K Miles Software Services has rallied 6% to Rs 679 on the BSE in intra-day after the company said its board approved the proposal to acquire Cornerstone, a leading healthcare information technology services Company.
“The company’s US-subsidiary 8K Miles Software Services, INC has entered into a definitive agreement to acquire Cornerstone Advisor Group, LLC (Cornerstone), a leading US healthcare information technology company for $102.50 million inclusive of earn-out payments as a combination of cash and stock from the 8K Miles US-subsidiary,” 8K Miles Software said in a release.
This acquisition is subject to customary closing conditions and is expected to close in quarter ending March 31, 2017, it added.
At 09:52 am; the stock was up 5% at Rs 672 on the BSE, as compared to 0.14% rise in the S&P BSE Sensex. A combined 36,622 shares changed hands on the counter on the BSE and NSE.
“The company’s US-subsidiary 8K Miles Software Services, INC has entered into a definitive agreement to acquire Cornerstone Advisor Group, LLC (Cornerstone), a leading US healthcare information technology company for $102.50 million inclusive of earn-out payments as a combination of cash and stock from the 8K Miles US-subsidiary,” 8K Miles Software said in a release.
This acquisition is subject to customary closing conditions and is expected to close in quarter ending March 31, 2017, it added.
At 09:52 am; the stock was up 5% at Rs 672 on the BSE, as compared to 0.14% rise in the S&P BSE Sensex. A combined 36,622 shares changed hands on the counter on the BSE and NSE.