Sagarsoft Limited completed the acquisition of IT Cats, LLC from Kalva Satish Chander Reddy.
July 07, 2021
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Sagarsoft (India) Limited (BSE:540143) agreed to acquire IT Cats, LLC from Kalva Satish Chander Reddy for approximately INR 62.3 million on May 14, 2021. As per the terms of the transaction, Sagarsoft (India) Limited will issue 0.6 million shares at deemed price of INR 254, on a preferential allotment basis. In 2020, IT Cats, LLC reported total revenues of INR 605 million ($8.3 million). The deal is subject to completion of valuation, approval of shareholders of Sagarsoft (India) Limited, satisfactory diligence and all other applicable statutory and regulatory approvals/compliances as may be required for the purpose, post which the Board shall reconsider the matter for its final approval. As of May 18, 2021, the Board of Directors meeting of Sagarsoft will be held on May 22, 2021. As of May 22, 2021, the Board of Directors of Sagarsoft approved the transaction. The transaction is expected to close by the end of August 2021. Sejal Agrawal & Associates acted as the valuer and Anand Rathi Advisors Limited acted as the financial advisor to Sagarsoft. Hemang Parekh of DSK Legal acted as legal advisor to Sagarsoft. Jonathan Bench and Arlo Kipfer of Harris Bricken Sliwoski, LLP acted as legal advisor to Sagarsoft.
Sagarsoft (India) Limited (BSE:540143) completed the acquisition of IT Cats, LLC from Kalva Satish Chander Reddy on July 7, 2021.
Sagarsoft (India) Limited is an India-based provider of information technology (IT) services, consulting, and digital solutions. The Company is engaged in the business of providing staffing and IT related services. The Company's services include DAIS transformation services, applications, QA & testing, DevOps, infrastructure, IT service management (ITSM), cyber security, data housing systems & big data, integrations, business platforms, actionable intelligence, mobility and UX/ UI. It also offers finance and planning, and Veeva commercial solutions. The Companyâs product, Sentrifugo, is a human resource management system that can be configured to meet organizational needs. Its features include human resource, performance appraisal, employee self-service, analytics, background checks, leave management, service request, resource requisition, talent acquisition, interview schedule, feed forward, time management, expenses, asset management, and dashboard.