California Software Company to acquire majority stake in Singapore based Cordite

Cordite owns Infinia Services and Solutions DMCC (Infinia, www.infiniasns.com) providing E commerce IT solutions

The Board of California Software Company approved the signed Memorandum of Understanding (MoU) to acquire a majority stake in Singapore based Cordite, which owns Infinia Services and Solutions DMCC (Infinia, www.infiniasns.com) providing E commerce IT solutions.

This acquisition makes Calsoft as global leadership in the space of loyalty management and digital solutions. Consideration for the acquisition might be in cash, share or combination of both and thereby making Infinia as Calsoft's subsidiary.

This acquisition is subject to satisfactory completion of due diligence, reference checks, internal approvals and all regulators. Currently, Infinia operates in over 35 countries including Middle East, Africa, South Asia and South-East Asia regions. Infina's has consolidated revenue of 15 million USD as on 31 December 2016.

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