Tanla Solutions to acquire Gamooga Softtech for Rs 48.45 cr

Tanla Solutions on Friday said it will acquire Gamooga Softtech for Rs 48.45 crore.

"...the company has entered into share purchase agreement on August 30, 2019, to acquire 100 per cent share capital of Gamooga Softtech...to help position Tanla as the end-to-end solution provider for global markets in commercial communication," Tanla Solutions said in a regulatory filing.

Gamooga is engaged in providing marketing automation services for B2C companies. It had reported an annual revenue of Rs 5.7 crore as on March 31, 2018. It operates from Hyderabad and serves over 40 enterprise clients.

The transaction is expected to close in about 15 days post shareholders' approval, proposed in upcoming Annual General Meeting (AGM) of Tanla Solutions, it said.

"The consideration for acquisition of Gamooga will be paid partly in cash and partly by way of issuing equity shares of Tanla Solutions Ltd to the promoters of Gamooga," it said.

The total cost of acquisition is Rs 48.45 crore, with Rs 31.49 crore being paid in cash.

"...and balance by issuance of equity shares of Tanla Solution Ltd worth of Rs 16.96 crore, being 21,19,688 equity shares at Rs 80 each...on preferential basis to the promoters of Gamooga, subject to shareholders' approval proposed in upcoming AGM of Tanla Solutions," it added.