KPIT Cummins to acquire Systime Global Solutions

KPIT Cummins today got nod from its board to acquire IT service provider Systime Global Solutions.

The board of the company approved purchase 50% of the equity and preference shares of Systime Global Solutions which focuses on IT company Oracle's solution JD Edwards practice, KPIT Cummins said in a filing to the Bombay Stock Exchange (BSE).

The company will purchase these shares for Rs 103 crore.

KPIT will acquire the remaining 50% of the equity and preference shares over a period of three years, at a price which will include a certain fixed and variable consideration.

Systime is subsidiary of IT company CMS Infosystems.

 

The share of the company today closed at Rs 170.05 down 1.28% on the BSE.