Kale Consultants has sold its entire 49 per cent holding in privately held Synetairos Technologies Ltd to Chennai-based company Saksoft Ltd for an undisclosed sum, it disclosed to the Bombay Stock Exchange on Monday.
Synetairos was a subsidiary of Kale Consultants by virtue of control of its board even as it held less than 50 per cent holding. It provides specialised consulting services to clients in technology and financial services across India. Kale Consultants is a solutions provider focusing on the airline and travel industry, with offices located across India, USA, UK and New Zealand.
“Indian market is growing in services and the acquisition of Synetairos is part of the broader plan to enlarge our foot prints in the Indian geography,” said Aditya Krishna, CEO of Saksoft on Monday. “Our industry focus combined with our technology expertise will enable us to be a niche technology provider in the domestic market,” he added.
The sale of shares is pursuant to the share purchase agreement between Saksoft, Kale Consultants, Synetairos and Prakash Alkutkar (who holds the remaining 51 per cent equity in Synetairos), whereby Saksoft hasnow acquired 100 per cent stake in Synetairos.
Kale Consultants scrip was up 3 per cent to Rs 85.4 a share in mid-day trade at BSE on Monday. Saksoft scrip was trading at Rs 59.6, up 0.25 per cent.
Last September, Kale Consultants had also sold its logistics business to Kale Logistics Solutions Pvt Ltd, a company owned by Indian promoters.
European IT and BPO service firm Accelya Holding World SL had last year acquired a significant minority stake in Kale Consultants. Accelya is BPO service provider for airline industry. It provides services like airline revenue recovery services, PCI-DSS compliant card management, marketing and sales analysis, electronic invoicing and travel agent risk management. It is the largest IATA BSP (billing and settlement plan) Data Processing Center worldwide and powers IATA BSPLink.