IT firm Cyient, formerly known as Infotech Enterprises, today said its subsidiary has signed a definitive agreement to acquire 100 percent equity in the US-based Certon Software Inc. in an all-cash deal.
"Cyient Inc., USA, a wholly-owned subsidiary of the company, has signed a definitive agreement to acquire 100 per cent equity in Certon Software Inc., Melbourne, Florida, USA, in an all cash transaction," Cyient Ltd said in a BSE filing.
It also said: "This transaction will further strengthen the automation in its key vertical Aerospace and Defence in line with strategy for growth." Elaborating on the cost of acquisition, Cyient said, "The Enterprise Value payable will be USD 7.5 million on a cash-free and debt-free basis, subject to closing adjustments." Shares of Cyient were trading 4.35 per cent higher at Rs 486.20 on BSE.
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