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Business EconomyPosted at: Apr 23 2018 2:56PM


California Software to acquire majority stake in SME

Mumbai, Apr 23 (UNI) California Software Company is planning to acquire a majority stake in UAE based Solutions MiddleEast DMCC (SME) providing software development and solutions.
The board of directors will be meeting on May 2, 2018 for inking a Memorandum of Understanding (MoU) for the same. This acquisition makes the company as global leadership in the space of software development and digital solutions. The consideration for the acquisition might be in cash or share or combination of both and thereby making SME as Calsoft's subsidiary.
This acquisition is subject to satisfactory completion of due diligence, reference checks, internal approvals and approval from all statutory regulators.
Currently, SME operates in over 12 countries including Middle East, Africa, South Asia and South-East Asia regions. SME has consolidated revenue of $25 million as on 31 December 2017. California Software Company is a global Product Engineering and Enterprise Solutions company with a strong background in development
and implementation.
UNI JS SW 1457
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