City-based California Software Company Limited (Calsoft) is keen to acquire a majority stake in the UAE-based Solutions MiddleEast DMCC (SME, www.solutions-me.com ) providing software development and solutions.
The board of California Software will meet on May 2 to consider signing of a memorandum of understanding(MoU) to acquire the UAE firm.
The acquisition could be done either through cash or buying of share or a combination of both, thereby making SME a subsidiary of Calsoft.
SME has a consolidated revenue of $ 25 million as at the end of December 2017.
This acquisition, however, is subject to satisfactory completion of due diligence, reference checks, internal approvals and clearance from all statutory regulators, says Calsoft.
Currently, SME operates in over 12 countries including the Middle East, Africa, South Asia and South-East Asia regions.
The company will also seek the approval of the board to increase the authorised share capital from ₹ 25,00,00,000 to ₹ 40,00,00,000. As a consequence, the approval of the board will also be sought for amending the Clause V of the Memorandum of Association of the company. This is, however, subject to the approval of shareholders.
