 "Cyient gains on acquisition of US-based Certon Software")
Cyient gained 6% to Rs 493 on the BSE after the company announced acquisition of US-based Certon Software Inc., in an all cash transaction.
“Cyient Inc., USA, a wholly owned subsidiary of the company, has signed a definitive agreement to acquire 100% equity in Certon Software Inc., Melbourne, Florida, USA, in an all cash transaction,” Cyient said in a BSE filing.
This transaction will further strengthen the automation in its key vertical aerospace and defense in line with strategy for growth. The acquisition of Certon brings complimentary skills to strengthen Cyient’s Avionics solution, it added.
The company said there are no regulatory approvals needed for the transaction, which is likely to conclude in the next 30 days.
Certon Software Inc. was incorporated in 2006 and it performs independent verification and validation services to firms seeking certification for safety-critical systems, embedded software, and electronic hardware. The entity has presence in United States of America.
At 10:26 am; the stock was up 4.5% at Rs 487 on the BSE as compared to 0.43% rise in the S&P BSE Sensex. A combined 72,960 shares changed hands on the counter on the BSE and NSE so far.
“Cyient Inc., USA, a wholly owned subsidiary of the company, has signed a definitive agreement to acquire 100% equity in Certon Software Inc., Melbourne, Florida, USA, in an all cash transaction,” Cyient said in a BSE filing.
This transaction will further strengthen the automation in its key vertical aerospace and defense in line with strategy for growth. The acquisition of Certon brings complimentary skills to strengthen Cyient’s Avionics solution, it added.
The company said there are no regulatory approvals needed for the transaction, which is likely to conclude in the next 30 days.
Certon Software Inc. was incorporated in 2006 and it performs independent verification and validation services to firms seeking certification for safety-critical systems, embedded software, and electronic hardware. The entity has presence in United States of America.
At 10:26 am; the stock was up 4.5% at Rs 487 on the BSE as compared to 0.43% rise in the S&P BSE Sensex. A combined 72,960 shares changed hands on the counter on the BSE and NSE so far.
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