Chennai-based Helios & Matheson Information Technology Ltd has acquired 43 per cent controlling stake in US-based A Consulting Team Inc for $8.75 million in an all-cash deal.
The company has acquired 10.24 lakh (1.02 million) fully diluted shares out of total outstanding 23.82 lakh (2.38 million) equity shares in A Consulting Team Inc, it informed the Bombay Stock Exchange.
The cash deal has an additional earn-out component to the promoter, Shmuel BenTov, structured as a percentage of profits achieved over a two-year period ending March 2008, it said.
Shmuel BenTov continues to be a director on board and president and CEO of the company, it added.
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