CRANES SOFT COMPLETES DUE DILIGENCE FOR GERMAN ACQUISITION

Mumbai
The Economic Times The Hindu Business LineCranes Software International on Monday said it has completed the due diligence process to acquire Germany-based Cubeware GmbH for 18 million euros (about Rs 116.4 crore).

"Due diligence exercise is complete and the company proposes to acquire Cubeware through its wholly-owned arm Systat Software GmbH for a cash-cum-share deal aggregating to 18 million euros," Cranes Software said in a filing with the Bombay Stock Exchange.

Out of the 18 million euros, 12 million euros would be paid in cash and 6 million euros worth shares of the company would be allotted to the shareholders of Cubeware GmbH, Cranes added.

On July 24, the wholly-owned subsidiary Systat Software GmbH had entered into an agreement to acquire Cubeware GmbH.

Shares of the company were trading at Rs 121, down 1.18 percent on BSE the in afternoon trade.