The shares of the small-cap stock gained up to 15 percent from its intraday high after the company executed a share purchase agreement to acquire Augmento Labs Pvt Ltd worth Rs 100 crore.
The shares of Saksoft Ltd were trading at Rs 297 per share, increasing around 14 percent as compared to the previous closing price of Rs 260.50 apiece. The market capitalization of the company is Rs 2,970.00 crore.
The shares of the company have seen such a bullish movement after Saksoft Ltd executed a share purchase agreement to acquire 100 percent equity of Augmento Labs Pvt Ltd, after this acquisition Augmento Labs will become a wholly owned subsidiary of the company.
Moreover, this transaction will strengthen the company’s capability in the digital engineering space and provide access to enterprise clients. The total cash consideration is up to Rs 100 crores with an upfront cash consideration of Rs 35 crores and the balance as earnout consideration based on performance over two financial years.
Furthermore, Augmento Labs has established itself as a niche player in the Digital Engineering arena, delivering unique solutions across multiple industries such as hi-tech, automotive, healthcare, and industrial domains.
Speaking on this acquisition, Aditya Krishna, Chairman & Managing Director, of Saksoft, said, “We believe that acquiring Augmento Labs will significantly strengthen Saksoft’s position in the dynamic and rapidly growing digital engineering market. “Augmento Labs robust engineering expertise and domain knowledge will complement Saksoft’s broad scale and digital prowess, providing Augmento Labs esteemed client base access to our cutting-edge AI, Cloud, and Data technologies.”
Looking into the company’s financial performance, revenue magnified 7 percent from Rs 182 crore in Q4FY23 to Rs 195 crore in Q4FY24, but during the same time frame net profit shrunk by 8 percent from Rs 25 crore to Rs 23 crore.
Saksoft Limited serves as a global partner in digital transformation solutions. Its unique cloud-enabled corporate apps and omnichannel solutions enable organizations to access real-time information when, where, and how they want.
Written by:- Abhishek Singh
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