Sonata Software on Wednesday said it will acquire US-based IT services company Encore Software Services, a move that will enhance its capabilities in cloud engineering, application development and maintenance and data management. In a regulatory filing, Sonata Software said its wholly-owned subsidiary Sonata Software North America Inc (SSNA) has signed a definitive agreement with the shareholders of Encore Software Services, Inc. The cost of acquisition involves an upfront payment of USD 6.37 million (including adjustments for working capital, cash, and net debt) and deferred payout of USD 8.25 million payable over 3 years, it added. Encore Software Services, incorporated in 1998, is headquartered in San Jose, with development centre in Chennai. "This is a continuation of our M&A strategy focusing on strategic acquisitions aligned to our Platformation led digital transformation strategy, access to seasoned local leadership talent and entry into new industry verticals. "We are ...
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