Geometric extends gain on acquisition of German firm
Acquired 3Cap Technologies GmbH (3Cap), a Munich, Germany-based specialist in electronics engineering for the automotive industry.
Geometric has rallied 5% to Rs 110, extending its 4% gain in the past two trading sessions, after IT consulting and software company said that its German subsidiary, Geometric Europe GmbH has acquired 3Cap Technologies GmbH (3Cap), a Munich, Germany-based specialist in electronics engineering for the automotive industry.
“3Cap is valued at Euros 11 million (approx Rs 79 crore) of which Euros 7.5 million will be paid up front. Geometric is funding the acquisition out of accrued cash. The balance payments will be subject to earn-out under mutually agreed terms and conditions over a maximum period of 3 years,” Geometric said in a statement.
In the calendar year 2012, 3Cap had revenues close to Euros 11 million. The acquisition is effective 1st January 2013, it added.
The stock opened at Rs 106 and touched high of Rs 111 on the NSE. Total 1.34 million shares have changed hands on the counter so far on both the exchanges.