Bartronics' arm acquires 51% stake in US firm
US-based Systems America is currently listed in the OTC equities category in US
Hyderabad-based Bartronics India Limited, one of the leading AIDC (automatic identification and data capture) technology company, today said that its wholly-owned subsidiary, Bartronics Asia Pte Limited, has acquired 51% stake in US-based Systems America Inc (SYAI).
SYAI is currently listed in the OTC equities category in US.
In consideration of swap of share holding, SYAI now owns Bartronics America. Prior to the merger, Bartronics America Inc underwent a name change to mCloud Inc. to reflect its diversification into mobile and cloud computing businesses.
As a combined entity, SYAI will focus on select industries and achieving market leadership. The transaction is in line with the stated growth strategy and is expected to result in greater efficiencies and increased market share, the company said in a BSE filing.
The company's scrip is currently trading at Rs 26.35 on the Bombay Stock Exchange (BSE), up 14.32% over the previous close of Rs 23.05.