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Allied Digital acquires US firm for $30 mn

Allied Digital acquires US firm for $30 mn
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First Published: Thu, Jul 10 2008. 12 53 PM IST
Updated: Thu, Jul 10 2008. 12 53 PM IST
PTI
Mumbai: IT services provider Allied Digital has acquired US-based EnPointe Global Services for $30 million (about Rs129 crore).
“The company has acquired 80.5% stake in infrastructure management arm of Nasdaq listed EnPointe Technologies (ENPT) for $30 million,” Allied Digital said in a filing to the Bombay Stock Exchange.
The acquisition would be made effective via a mix of cash payment of $10 million in the first phase and equity swap.
“The acquisition gives us a ready base to expand our presence and leverage on the tremendous cross selling opportunity in Remote Management Services and Managed Security segment in the US,” Nitin Shah, CMD, Allied Digital said.
“The acquired entity would be used as a platform for several other inorganic growth initiatives across the globe,” the filing added.
Shares of Allied Digital were trading at Rs882.15, up 6.08% in the morning trade on the BSE.
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First Published: Thu, Jul 10 2008. 12 53 PM IST