California Software Company Ltd (Calsoft) has signed a letter of intent with Alten Europe to sell the Labs (product engineering services) business for an amount not less than Rs 100 crore.
The transaction is subject to necessary regulatory approvals and a definitive structure to be agreed between the parties, the company said.
The company which is into offshore enterprise-software development said its Labs undertaking includes investments in India and the US and business units in Chennai and Bangalore.
“The divestment of the Labs business will facilitate the company to focus and expand on its enterprise solutions and strategic investment divisions,” according to the company’s announcement on Bombay Stock Exchange.
For the quarter ended on June 30, 2010, company has reported a net loss of Rs 4.42 crore. Net sales stood at Rs 45.76 crore as against Rs 72.93 crore, during the same period last year.
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