eClerx to buy Italian co Clx for 25 mn euros

Homegrown knowledge and business process outsourcing company eClerx has agreed to acquire the Italian media content management company Clx Europe SPA for 25 million euros.
The city-headquartered company will be doing the acquisition through its British subsidiary and has signed an agreement to acquire the Italian company for the consideration, it said in a note.
"The combined companies' capabilities are highly complementary, and now form a continuous value chain of creative asset development, digital multi-channel production, data management and analytics," it said.
Clx Europe creates, manages and delivers creative assets globally to the multi-channel market for luxury brands and major retailers.

The acquisition will be funded by internal accruals and post-acquisition, CLX will operate as a subsidiary of Eclerx, it said.
CLX's current management will continue to manage the day-to-day operations with support from Eclerx, it said.
"The acquisition strengthens eClerx's positioning and capabilities to service enterprises' rapidly increasing focus on digital content creation, management and delivery," said Puneet Shivam, an executive director at Avendus Capital, which advised eClerx for the deal.
The eClerx scrip corrected by 1.33 per cent to close at Rs 1,589.75 on the BSE, compared to the 0.07 per cent dip in the 30-share Sensex.