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Saksoft shares rally: IT service management company Saksoft shares rallied as much as 15.47 per cent to hit an intraday high of Rs 300.80 per share on Thursday.
The surge in stock price came after the company announced that it has executed a Share Purchase Agreement to acquire 100 per cent equity interest in Augmento Labs Private Limited, a digital engineering company.
In an exchange filing, Saksoft said, “We wish to inform you that the company has executed a Share Purchase Agreement (Agreement) to acquire 100 per cent equity interest in Augmento Labs Private Limited (Augmento Labs) subject to the terms and conditions set out in the Agreement.”
Post-deal, Augmento Labs will become a wholly-owned subsidiary of the company. The transaction, however, is expected to be completed within the next four weeks.
“We believe that acquiring Augmento Labs will significantly strengthen Saksoft’s position in the dynamic and rapidly growing digital engineering market. Augmento Labs robust engineering expertise and domain knowledge will complement Saksoft’s broad scale and digital prowess, providing Augmento Labs esteemed client base access to our cutting-edge AI, Cloud, and Data technologies,” said Aditya Krishna, chairman & managing director, Saksoft.
Founded in 2019, Augmento Labs is engaged in the business of providing digital engineering services for its customers predominantly across US and India.
Additionally, The total cash consideration of the acquisition is up to Rs 100 crore, with an upfront cash consideration of Rs 35 crore, and the balance as earnout consideration based on performance over two financial years.
The acquisition will further strengthen Saksoft Limited ‘s capability in the digital engineering space and will also provide access to enterprise clients, the company said in a statement.
“Joining forces with Saksoft allows us to leverage their inherent domain and technology capabilities apart from their top notch talent to deliver even greater value to our clients. We are enthusiastic about the opportunities going forward,” said Anurag Aggarwal and Pravesh Kumar, co-founders of Augmento Labs.
The market capitalisation of Salsoft is Rs 2,954.50 crore, according to Bombay Stock Exchange (BSE).
The 52-week high of the stock is Rs 399.40 per share while its 52-week low is Rs 210 per share.
At 10:30 AM, stocks of Saksoft were trading 13.42 per cent higher at Rs 295.45 per share. In comparison, BSE Sensex was trading 0.27 per cent higher at 76,813.15 levels.
