Coforge rises after inking agreement for sale of Advantagego business for Rs 490.85 crore
Coforge added 1.15% to Rs 7464 after the company said that its wholly owned subsidiary Coforge U.K. has entered into a share purchase agreement with Sapiens UK for sale and transfer of entirety of shareholding held by it in Coforge Advantage Go.
The entities are targeting 4-6 weeks for completion of the transaction, from the execution date of the share purchase agreement.
Coforge Advantage Go accounted for 1.7% of the total income and 2.7% of the net worth of the consolidated financials of Coforge.
Sapiens UK is a part of the Sapiens group entities. Nasdaq-listed Sapiens is a global provider of software solutions for the insurance industry and provides end-to-end solutions to the global property and casualty, life, pension and annuities markets. With a team of nearly 6,000 professionals, who operate through its worldwide offices in North America, Europe and Asia Pacific, Sapiens is one of the leading insurance solutions providers globally, serving over 600 customers, and offering them a broad range of solutions.
Since 2010, Sapiens has successfully acquired and fully integrated 20 companies. As a strategic buyer, the acquired companies enjoy Sapiens strong market position for future growth and improved business results.
The base consideration under the share purchase agreement is GBP 43,000,000. At the prevailing exchange rate of 114.15 INR/GBP, the consideration translates to Rs 490.85 crore.
"Such consideration will be subject to adjustments as more particularly set forth in the share purchase agreement (SPA), Coforge said in a statement.
Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 26 delivery centers across nine countries.
The company reported 9.5% rise in net profit, excluding minority interest, to Rs 255.9 crore in Q3 FY25 from Rs 233.6 crore in Q2 FY25. The companys gross revenues increased by 8.4% quarter-on-quarter (QoQ) to Rs 3,318.2 crore in the December 2024 quarter.
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