This S&P BSE Smallcap Stock rose 2.4% within the first hour of markets opening after reporting that it announced a strategic acquisition.. The company has a market cap of Rs. 3,384 crore and is 6% away from its 52 week high, trading at Rs.1404.00 versus Rs. 1391.25 at previous close.
The stock is seeing volumes that are over 0.2x the monthly average. Key DII investor in the company is Malabar Investments which holds 1.11%.
In a filing dated 12th October 2023, IT company Aurionpro Solutions Ltd (“Aurionpro”) announced strategic acquisition – Banking and Fintech division to acquire business providing comprehensive loan management system to Banks and FIs. Aurionpro’s rationale for the purchase of business consisting of a comprehensive loan management system is to complement and enhance its portfolio of industry leading Lending Solutions.
The transaction involves Aurionpro purchasing Omnifin®, a loan management system catering to 45+ banks and financial institutions in the Indian domestic market, from A S Software Services Pvt. Ltd, a company based in NOIDA, India.
This acquisition covers purchase of the entire business, as a going concern, covering all the assets & liabilities of the target business including the intellectual properties, 150+ employees & contracts and such transfer and payment of consideration will be governed by the Business Transfer Agreement (BTA) between the parties. The total deal is valued close to Rs. 82 Crores, in an all cash consideration.
Abhijit Mittra, CEO – Managing Director of A S Software Services Private Limited said “we are delighted with this deal and are excited to be part of the Aurionpro family as we believe we share common values and culture.
We can leverage Aurionpro’s market position and capabilities to take this business to newer markets and expand our share in this rapidly growing market. We are thankful to Aurionpro for this deal and we look forward to a great future for the product, our clients and our team.”
Aurionpro is a provider of cutting-edge technology solutions for the banking, mobility, payments, and government industries. The company, which has its headquarters in Mumbai, India, is supported by more than 2,000 individuals who have expertise needed by the company and a commitment to the Aurionpro mission.
Written by Sandeep R
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