8K Miles Software scales record high after mulling US acquisition

8K Miles Software Services rose 1.11% to Rs 1,406.50 at 14:15 IST on BSE, after the company announced acquisition of NexAge Technologies USA Inc., a leading Regulatory Compliance and Technology Solutions Company for the Life Sciences Industry in US.

The announcement was made before market hours today, 18 September 2015.

Meanwhile, the S&P BSE Sensex was up 384.52 points or 1.48% at 26,348.49

On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 18,959 shares in the past one quarter.

The stock hit a high of Rs 1,444.75 in intraday trade so far, which is also a record high for the counter. The stock had hit a low of Rs 1,393 so far during the day. The stock had hit a 52-week low of Rs 313.05 on 16 September 2014.

The stock had outperformed the market over the past one month till 16 September 2015, rising 60.81% compared with 7.49% fall in the Sensex. The scrip also outperformed the market in past one quarter, gaining 113.75% as against Sensex's 2.71% decline.

The small-cap company has equity capital of Rs 10.74 crore. Face value per share is Rs 10.

8K Miles Software Services today, 18 September 2015 announced that its US subsidiary 8K Miles Software Services, Inc. has entered into a Stock Purchase Agreement (Agreement) with NexAge Technologies USA, Inc. (NexAge), one of the principal regulatory compliance and technology solutions company in the US with more than 15 years of experience in Computer Systems Validation, Quality Review, Vendor Audits, Data Analysis and Migration, Analytics, Change Management, as well as Governance for the Life Science and Pharmaceutical industry. The agreement includes acquisition of Intellectual Property (IP), technical solutions, client contracts, and employees, 8K Miles Software Services said. The total consideration for the deal is $3 million in combination of cash and stock and includes the existing NexAge's debt of $8 lakh, the company said. Through this acquisition, 8K Miles Software Services gains access to the network of Enterprise customers and strategic partners acquired by NexAge during the last decade, it added.

On a consolidated basis, 8K Miles Software Services' net profit rose 15.15% to Rs 7.22 crore on 18.9% rise in total income to Rs 50.64 crore in Q1 June 2015 over Q4 March 2015.

8K Miles Software Services is a global Cloud, SaaS & Security Solutions company based in the San Francisco Bay area. 8KMiles Software Services provides digital technology solutions - SMAC (Social, Mobile, Analytics and Cloud) for seamless connectivity between consumers, SMBs, large enterprises, healthcare providers and pharmaceutical companies secured with EzIAM SaaS offering, CloudEzRx solution and patented MISP platform for accelerated Business Partner federations.

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