Share price of this small-cap stock moved up by nearly 10.5% to Rs. 1,636 in the trading session of March 1st, compared to its previous close of Rs. 1,480.45, after the company announced the successful completion of the acquisition.
With a market capitalisation of Rs. 2,728.12 crores, at 02:15 p.m. the shares of MPS Limited were trading in the green at Rs. 1,620, up by 9.43 percent.
In the last one year, the company has delivered positive returns of about 52.67 percent and nearly 6.25 percent of returns in the last six months. So far in 2024, it has given negative returns of more than 6.41 percent.
According to recent regulatory filings with the stock exchanges, a wholly owned subsidiary of MPS Limited, MPS North America LLC, has completed the acquisition of AJE LLC, including its subsidiary American Journal Online Information Consulting Limited (Beijing).
American Journal Experts (AJE), an author services company, has been a part of Springer Nature for eight years and was founded in 2004 in Durham, North Carolina, USA.
With this acquisition, MPS Limited entered into the B2C marketplace while also significantly enhancing its AI capabilities and expanding into China to increase its global footprint.
The acquisition includes Curie, an AI-based writing assistant that provides intelligent suggestions, improves writing structure, enhances flow, and assists with citations, thus facilitating the creation of high-quality academic content.
MPS Limited has executed a Membership Interest Purchase Agreement for a consideration of around Rs. 69.61 crore.
In terms of financials, the revenue from operations of the company grew by nearly 5% QoQ from Rs. 80 crore in Q2 FY23-24 to Rs. 84 crore in Q3 FY23-24, accompanied by a 33.3 increase in the net profit from Rs. 24 crore in Q2 FY23-24 to Rs. 32 crore in Q3 FY23-24.
Established in 1970 as a subsidiary of Macmillan (Holdings) Limited, MPS Limited is a leading global provider of platforms, content, and learning solutions for the digital world.
Written by Shivani Singh
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