Press Release : Calsoft to acquire International Innovations Incorporation

Hi,

Hope you are doing absolutely fine.


Please find attached and enclosed the Press Release on Calsoft to acquire
International Innovations Incorporation.

California Software Co Ltd (Calsoft) today announced the signing of a Letter
Of Intent (LoI) to acquire 100% equity stake of International Innovations
Inc., Mountain View, California, USA. The LoI will culminate into a
definitive share purchase agreement, subject to standard closing conditions,
necessary approvals and completion of all formalities. The entire process is
expected to be completed by Dec 31, 2007.

Do let me know if you would like to talk to the company's spokesperson.

Look forward to hear from you soon.

 

 

Thanks & Regards,

 

Bratin Roy

Account Executive

 

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  bratin.roy@adfactorspr.com 

                                                       

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CALSOFT TO ACQUIRE INTERNATIONAL INNOVATIONS INC.


AIMED AT STRENGTHENING ITS ENTERPRISE OFFERINGS IN ANALYTICS AND BUSINESS
RULES MANAGEMENT


 

INDIA, Chennai, Nov 13, 2007: California Software Co Ltd (Calsoft) today
announced the signing of a Letter Of Intent (LoI) to acquire 100% equity
stake of International Innovations Inc., Mountain View, California, USA. The
LoI will culminate into a definitive share purchase agreement, subject to
standard closing conditions, necessary approvals and completion of all
formalities. The entire process is expected to be completed by Dec 31, 2007.

 

International Innovations Inc. (Innovations) is a technology consulting firm
specializing in Information Management Solutions. Innovations delivers
Business Intelligence tools, Analytics, Business Rules Management, and
Enterprise Search capabilities that helps clients improve their decision
making processes across all business functions. Innovations serves clients
in diverse sectors such as Mortgage Banking and Financial Services, High
Technology, Manufacturing, Travel and Transportation, and
Telecommunications. Select clients include Cisco Systems, Charles Schwab,
Washington Mutual Inc., APL, and Wells Fargo. 

 

Innovations complements its capabilities through a powerful alliance
network, and partnerships with leading software and hardware vendors
including Siebel, iLog (for the year 2006, Innovations was voted the best
partner by iLog) and Aduna. 

 

Innovations is expected to add $ 2.3 million with $ 300,000 profit after tax
to the consolidated revenues and profit of Calsoft in the next 12 months.

"Innovations brings its expertise and presence in the Information Management
market in the USA, to Calsoft's enterprise offerings and capabilities, a key
focus area for the company. This will further enhance our value offering
globally", said Mr. S (Sam) Santhosh, Managing Director & CEO, Calsoft. 

Mr. Piyush Govil, Founder and CEO of Innovations said, "Calsoft's strategic
equity stake will further enhance Innovations' capabilities and global
reach. Joining the Calsoft Group will allow us to serve our clients even
better by offering them greater choice and the support of a 'glocal'
(global+local) team". 


Innovations valuation will be capped at maximum of $1.32 million (approx Rs
53 million). The deal envisages phased payments by Calsoft over a period of
one year from the conclusion of a definitive share purchase agreement and
based on certain performance parameters. 

Calsoft plans to continue its dual growth strategy - organic growth combined
with prudent and focused acquisition that brings synergies to its customer
offerings. Calsoft posted consolidated revenues of USD 36 million (Rs.169
crores) in year ended March 31, 2007 and achieved consolidated revenues of
USD 28million(Rs 114 crores) in 1st half -year ended Sept 2007 of current
fiscal year.


About Calsoft


California Software Company Ltd (Calsoft) is a public limited company in
India with a global presence. Its development practices are certified at
CMMi Level 5. Founded in 1992, Calsoft group including subsidiaries
currently employs over 1000 professionals. The group has development centers
in Chennai, Bangalore and Mysore in India and Pleasanton, (California),
Alameda (California), Boston (MA) in the USA. Calsoft group has marketing
offices in the US, UK, Singapore, Japan, Dubai, Hong Kong, Copenhagen and in
India.  Calsoft is listed in India at NSE (cali.ns) and BSE (cali.bo).  For
more information on Calsoft visit  <http://www.calsoft.co.in/>
www.calsoft.co.in

About International Innovations

 

International Innovations is a technology consulting firm specializing in
Information Management Solutions. Innovations works with organizations to
help harness and manage information better, thereby enabling the delivery of
business insight and knowledge accurately, timely and securely across the
enterprise. For more information, please visit
www.international-innovations.com
<http://www.international-innovations.com/> .

 


For further details please contact:  

 

Susmita Dinesan

  susmitad@calsoft.co.in

California Software

+91 (44) 22542404

 

 

Bratin Roy

  bratin.roy@adfactorspr.com

Adfactors Public Relations

+91 9833868621

 

Forward Looking Statements

Some of the statements in this update that are not historical facts are
forward-looking statements. These forward-looking statements include our
financial and growth projections as well as statements concerning our plans,
strategies, intentions and beliefs concerning our business and the markets
in which we operate. These statements are based on information currently
available to us, and we assume no obligation to update these statements as
circumstances change. There are risks and uncertainties that could cause
actual events to differ materially from these forward-looking statements.
These risks include, but are not limited to, the level of market demand for
our services, the highly-competitive market for the types of services that
we offer, market conditions that could cause our customers to reduce their
spending for our services, our ability to create, acquire and build new
businesses and to grow our existing businesses, our ability to attract and
retain qualified personnel, currency fluctuations and market conditions in
India and elsewhere around the world, and other risks not specifically
mentioned herein but those that are common to industry