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Last Updated : Oct 15, 2018 03:13 PM IST | Source: Moneycontrol.com

GSS Infotech stock spikes 14% as subsidiary acquires US firm in automation space

Nexii Labs Inc, will become a wholly owned step-down subsidiary of GSS Infotech.

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GSS Infotech share price rallied 14.5 percent intraday Monday after its subsidiary acquired company in the US which works in automation business.

GSS Infotech Inc, a wholly owned subsidiary of GSS Infotech, has signed the share purchase agreement for acquiring 100 percent shares of Nexii Labs Inc, USA.

Nexii Labs Inc, will become a wholly owned step-down subsidiary of the company.

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"Nexii Labs adds a strong capability in the area of Automation for GSS's existing Cloud and Infrastructure Management Practice. Adding this service portfolio, will make GSS more relevant to its customers," GSS Infotech said in its filing.

Nexii has some of the fortune 500 companies as its customers with revenues of about $1.8 million for FY18.

"We will continue to look for synergetic acquisitions to strengthen focus on building technology expertise such as block chain, Machine learning and artificial intelligence and building expertise industry verticals such as healthcare," Bhargav Marepally, CEO said.

At 15:04 hours IST, the stock price was quoting at Rs 108.05, up Rs 12.90, or 13.56 percent on the BSE.

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First Published on Oct 15, 2018 03:13 pm
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