Allied Digital Services gains on overseas acquisition
Allied Digital operates in diversified segments viz. IT solutions, networking and communication solutions, integrated solutions and software solutions. It is also into infrastructure management services, telecom-BPO and remote management services to its customers pan India.
Allied Digital Services jumped by 6.43% to Rs 885 today on BSE after the company said it has acquired 80.5% stake in US based IT infrastructure management services provider EnPointe Global Services Llc for $30 million. The company made this announcement before trading hours today, 10 July 2008.
The stock hit a high of Rs 899 and a low of Rs 845 so far during the day. The stock had a 52-week high of Rs 1129 on 8 January 2008 and a 52-week low of Rs 274 on 21 August 2007.
US based EnPointe Global Services (EGS) is a carved out subsidiary of EnPointe Technologies, Inc (ENPT) with revenues over $340 million. EGS has contracted revenues of $40 million with gross margins of 35%. EGS will receive on going marketing and business support from ENPT. There will be an upfront cash payment of $10 million and an issue of 745,000 issue of equity shares of Allied Digital to EnPointe with an additional cash infusion of $4 million in EnPointe Global, Allied Digital said
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