Sonata Software jumps over 4% on acquiring US-based Quant Systems

The company's North America arm has inked an agreement to buy 100 per cent in Texas-based Quant Systems in an all-cash deal of $65 million.

Sonata Software jumped 4.5 per cent to a high of Rs 721 in intra-day trades on Thursday on the BSE, after the company's North America arm inked an agreement to buy 100 per cent stake in Quant Systems Inc, a Texas based IT services corporation in an all-cash deal of $65 million. The company will also pay up to $95 million over the next 2 years for achievement-based earn-outs.

According to a release issued by Sonata to the BSE, Quant Services is an Enterprise Data Analytics and Cloud modernization service provider for leading Fortune 500 clients. The firm has deep domain