The consideration for the acquisition consists of a guaranteed payment of $23.2 million, payable over three years, and an additional performance based payment of up to $15.5 million, also to be paid over a three-year period, the Hyderabad-based company informed the Bombay Stock Exchange on Thursday. Citisoft would operate as a subsidiary of Satyam and be a part of Satyam's Financial Services Group, which has been at the forefront of business transformation initiatives in the securities and capital markets, it said.
A few of FSG's strategic clients were instrumental in introducing Citisoft to the company and recommended a strategic relationship between the two organisations, it said.
