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Virinchi buys KSoft for $2.66 m

In a stock-cash deal, the Hyderabad-based Virinchi Technologies Ltd (VTL) has acquired the US-based KSoft Systems Inc, for a total consideration of $2.66 million. As part of the deal, $1.2 million will be paid in cash in three installments.

Of the total, half the amount will be paid after obtaining the regulatory approvals and the remaining will be paid in two trances - 180 days and 540 days - from the date of acquisition. The remaining $1.46 million will be in the form of preferential allotment of shares as per the Sebi norms, the company said.