8K Miles shares jump 5 pc on Cornerstone acquisition

Shares of 8K Miles Software Services surged nearly 5 per cent today after the company announced the acquisition of US healthcare information technology firm Cornerstone Advisors Group LLC.
On BSE, the scrip settled at Rs 670.15, up 4.78 per cent from its previous close. It had opened at Rs 653 and touched an intra-day high of Rs 701.90.
Following an uptick in the counter, the market capitalisation of the company stood at Rs 2,045.14 crore.
Similarly, the scrip settled 4.54 per cent up at Rs 672.90 on NSE. It had opened at Rs 649.70 and registered an intra-day high of Rs 702.

On the volume front, over 1,771 lakh shares of the company were traded on the exchanges.
"The company's US subsidiary 8K Miles Software Services Inc has entered into a definitive agreement to acquire Cornerstone Advisors Group, LLC...For USD 10,250,000 inclusive of earnout payments as a combination of cash and stock from the 8K Miles US subsidiary," the company said in a BSE filing.

This acquisition is subject to customary closing conditions and is expected to be over in the quarter ending March 31, 2017.
Cornerstone Advisors Group LLC is a privately held firm based in Georgetown, Connecticut.
The benchmark Sensex closed at 26,307.98, down 0.25 per cent, from its previous close.