8K Miles Software Services announced today that the company's US-subsidiary 8K Miles Software Services, Inc. has entered into a definitive agreement to acquire Cornerstone Advisors Group, LLC., a leading US Healthcare Information Technology company, for USD 10,250,000 inclusive of earn-out payments as a combination of cash and stock from the 8K Miles US-subsidiary.
This acquisition is subject to customary closing conditions and is expected to close in quarter ending March 31, 2017.
Suresh Venkatachari, chairman & CEO of 8K Miles said, "With the acquisition of Cornerstone we will add more than 50 top healthcare experts, consultants and practice directors in the U.S. with deep domain knowledge in Healthcare Information Technology services. Our existing Cloud and Security platforms coupled with Cornerstone's management consulting, healthcare IT implementation and advisory services-would enhance 8K Miles compelling value proposition for diversified group of healthcare clients in the U.S. Also, this acquisition strengthens our position as a thought leader in Healthcare Information Technology services. We foresee significant opportunities (post integration) in cloud managed services, secured cloud solutions and strategy consulting to Executive Leaders in Healthcare vertical".
Shares of the company declined Rs 43.5, or 6.37%, to trade at Rs 639.55. The total volume of shares traded was 9,623 at the BSE (3.45 p.m., Monday).