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Our Bureau

Chennai, May 23

California Software Co Ltd (Calsoft) is acquiring 51 per cent equity in Aspire Communications Pvt Ltd, possibly through a combination of cash and stock, a press release said. The final share purchase agreement would be subject to approvals, standard closing conditions and other formalities including diligence. Through this acquisition, Calsoft will be able to combine its product engineering services capabilities and Aspire's hardware design expertise to provide end-to-end outsourced product development capabilities.

Aspire, on the other hand, will have access to Calsoft's clients in the US and China. According to the press release, post acquisition, Aspire is expected to add $3 million in revenues and $4,00,000 in net profit to the Calsoft Group in 2007-08. The acquisition process is expected to be complete by July 2007.

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