8K Miles to acquire Cintel Systems

To expand its mobile competency, secure Cloud solutions provider 8K Miles today said, it has entered into an asset purchase pact to buy Cintel Systems, a US-based design and development services firm.
The total amount of the acquisition is considered to be USD 3,750,000 (USD 3.7 million) combination of cash and stock. The agreement includes acquisitions of intellectual property, client contracts and employees.
Chairman & CEO of 8K Miles Suresh Venkatachari said: "With the acquisition we are confident in our ability to expand the 8K Miles technical capabilities to provide even greater user experience for Enterprises."
The deal is aimed at strengthening 8K Miles portfolio of services offered to the company's customers in terms of variety and value while providing greater opportunities.

President of Cintel Mohan Bhumireddy said: "As a part of 8K Miles, we can now offer more Cloud-based services to our clients."
In addition, 8K Miles gains the access to new Enterprise customers previously acquired by Cintel during seven years in business, he added.

The deal will enable 8K Miles to gain access to Cintel's enterprise clients and add over 70 mobile, user interface and user experience experts in the US.
8K Miles Software Services is a global Cloud, SaaS & security solutions company headquartered in San Francisco Bay area and listed on Indian on NSE and BSE.
Post the announcement, 8K Miles scrip was trading 3.27 per cent higher at Rs 727 on the BSE.