Sonata Software North America Inc., (SSNA) a wholly-owned subsidiary of Sonata Software Limited has signed a definitive agreement to purchase Quant Systems Inc. a Texas-based IT services corporation, the company said in its exchange filing.
The company will be making an upfront cash payment of $65 million. Later, there would be a deferred achievement-based pay-out of up to a maximum of $95 million payable over a period of two years. Additional payments on achievement of additional targets will also be there.
The acquisition is in line with Sonata’s strategy to accelerate the growth curve and build scale. It will accelerate Sonata’s capabilities in enterprise data analytics, cloud modernisation, cyber security, salesforce, data privacy, adobe, and digital & mobile app solutions, including differentiated IPs for salesforce and chatbot technologies, said the company.
“We aim to be the fastest-growing next-gen digital firm delivering modernisation & digital outcomes for enterprises through our Platformation framework. To achieve this vision, we have outlined some key strategic drivers to build scale through service offering expansion in modernisation, invest in BFSI and healthcare and life sciences verticals, and build global centres,” said Samir Dhir, MD & CEO, Sonata Software Limited.
Quant Systems aligns to our strategic drivers and will enable us to win larger deals in our focus-verticals and adds two large clients to our top 5 clients list, he added. The acquisition is expected to be closed within 30 days subject to the completion of customary closing conditions.
The acquisition will expand Sonata’s domain expertise in banking and financial services, healthcare & life sciences, consumer/retail, and others. Its strong leadership team has rich experience and a successful track record in client services and technology innovation in the areas of digital transformation, enterprise data, salesforce, data privacy, Snowflake, and Adobe, said the company.