Sonata – Aiming to reach half a billion, ICICI Direct
Sonata Software Ltd.’s wholly owned U.S. subsidiary signed a definitive agreement to acquire 100% stake in U.S. based Quant Systems for total consideration of $160 million (4.3 times sales), $65 million to be paid upfront while rest $95 million to be paid in next two years based on certain milestones.
The acquisition is in line with Sonata’a strategy to accelerate IT services growth from hereon as well as strengthening its offering in banking, financial services and insurance and healthcare vertical.
Quant Systems’s revenue grew four times in last two years and growth going forward is also expected to be strong. Ebitda margins for the company are also healthy i.e., upwards of 30%. Bloomberg
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