Calsoft board nod for sale of OPD biz

California Software Co Ltd has received its board of director's approval for sale of outsourced product development (OPD) business to Alten Europe, SARL, France.

“Calsoft had signed a master agreement with Alten Europe, SARL on January 21, 2011, for the sale of OPD business, including all its tangible and intangible assets and headcounts for a consideration of about Rs 100 crore,” the company said in a filing to the NSE on Thursday.

The OPD business will first be transferred to special purpose vehicles to be incorporated by Calsoft in the US and India vide business transfer agreements, after which Alten will purchase the shares of such special purpose vehicles. The transactions contemplated in the master agreement are subject to completion of certain conditions precedent and execution of both these agreements.

 

Alten Europe, Sarl, a subsidiary of Alten SA, is based out of Boulogne-Billancourt, France. It offers business and technology consulting, product engineering services, application services, systems integration and IT infrastructure services.