Core Projects to buy three firms for $45 mn

Core Projects to buy three firms for $45 mn


Mumbai: Software services firm Core Projects & Technologies Ltd said on Wednesday, 26 September, it plans to buy two UK-based firms and a US firm for about $45 million to widen its range of education products, pushing the stock up.

The acquisition of Azzurri Education and Hamlet Computer Group in the UK, an KC Management Group in the US, will add $45 million to Core’s annual revenue immediately, the Indian firm said in a statement.

The acquisition cost, at one times the targets’ sales, will be funded through the money the company raised by issuing foreign currency convertible bonds in May, Core said.

The deals are expected to close by September-end.

The stock was up 4.15% at Rs200.95 in the Mumbai market.