Aurum Soft Systems Ltd: Acquisition of Business

Aurum Soft Systems Ltd has informed BSE that the Company has entered into a Business Transfer agreement dt. March 15, 2011 with Accel IT Resources Ltd ("AITRL") for acquisition of its IT Resourcing Business for a total consideration of Rs. 5 Crores. The acquisition of IT Resourcing business would be with effect from April 01, 2011. As part of the acquisition, around 1400 employees of AITRL would become employees of Aurum with effect from April 01, 2011 and Aurum would continue to render IT resourcing services to accel group Companies, which is currently being rendered by AITRL to its group companies.

The revenue from the IT Resourcing business over the next five year period is estimated at Rs. 75 Crores with a margin of around Rs. 7 Crores.Read More