Sonata Software jumps over 4% on acquiring US-based Quant Systems

Sonata Software jumped 4.5 per cent to a high of Rs 721 in intra-day trades on Thursday on the BSE, after the company’s North America arm inked an agreement to buy 100 per cent stake in Quant Systems Inc, a Texas based IT services corporation in an all-cash deal of $65 million. The company will also pay up to $95 million over the next 2 years for achievement-based earn-outs.

According to a release issued by Sonata to the BSE, Quant Services is an Enterprise Data Analytics and Cloud modernization service provider for leading Fortune 500 clients. The firm has deep domain expertise in Banking and Financial Services, Healthcare & Life Sciences, and Consumer / Retail businesses.