Chennai-based information technology company Ontract System Ltd. has agreed to acquire Intellisys group, an IT solutions group for about USD 6.94 million in cash and shares. The acquisition will strengthen Ontrack’s entry into the North American and Australian market while opening new opportunities for the company to cross sell services across the existing customer base of both companies.
Ontrack said it will allot about 7.15 Million shares (9.5 percent of outstanding shares of 75 Million shares) at a price of Rs. 4.21 per share as consideration for the first phase of the transaction. Ontract expects the deal to be completed by the close of September 2006.
The group constitutes Intellisys Technology LLC, USA, Microhard Technical Institute, USA, Intellisys Technology (Australia) Pty Ltd, Australia, India Intellisys Technology, Pvt Ltd., India and SHS Pvt Ltd, India.
The acquisition presents a unique opportunity for the Intellisys Management to collaborate with Ontrack management to aggressively offer BPO and software solutions to clients in North America, Europe, Asia and Australia.
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