Share price of Sonata Software rose 3.7 percent intraday Thursday as company is going to acquire an Australian company.
The company has entered into a definitive agreement on December 5, 2018 with Scalable Data Systems Pty and and its shareholder to acquire 100 percent stake in Scalable.
The acquisition will increase Sonata’s footprint as a Microsoft Dynamics 365 leader, making the combined entity a Digital Transformation partner of choice for customers in Retail, Distribution, Manufacturing, Commodities, and Travel, as per company release.
This acquisition will not require any governmental or regulatory approvals and will get completed in 1 month.
Srikar Reddy, Managing Director & CEO, Sonata Software said, “This will provide Sonata with additional IP, and geographical reach, along with a strong fillip to its strategy to be a global leader in the Microsoft Dynamics 365 partner ecosystem with core IPs across wide range of industries and a global footprint, specifically also making us a strong Dynamics partner in the Australian market.”
At 09:40 hrs Sonata Software was quoting at Rs 305.85, up Rs 8.30, or 2.79 percent on the BSE. – Moneycontrol