Kale Consultants, solutions provider to the airline and travel industry, on Friday announced that Accelya Holding World S.L., a European IT and BPO service provider, signed an agreement with Kale's promoters, Narendra Kale and Vipul Jain, to acquire their entire shareholding at a price of Rs.172 a share.
The promoters' shareholding amounts to 35.61 per cent of the outstanding share capital of the company on a fully diluted basis.
The agreement is subject to governmental and regulatory approvals and is likely to trigger an open offer by Accelya to Kale shareholders.
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Mr. Vipul Jain will continue as Managing Director and CEO of Kale and will play a strategic role in the Accelya Group and plans to invest in the group's holding company.
Headquartered in Spain, Accelya is a leading platform-based BPO provider to airline and travel industry in areas like BSP processing, sales audit, business intelligence, e-settlement and credit card management. It has delivery centres in Spain, Mexico, South Africa, France, the U.K., Tunisia, Portugal and Hungary. In 2009, Accelya processed more than 170 million airline tickets on behalf of the International Air Transport Association in 80 countries. The acquisition of Kale makes the Accelya Group the world's largest solution provider for back office processes related to the airline industry.
Kale is the primary technology provider for the Simplified Interline Settlement (SIS) project and its NFP engine APEX (jointly offered with ATPCO) is the backbone of the First&Final Interline Service offered by IATA.
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