Beyondsoft to Acquire Achievo Subsidiaries for USD 56 Mln
Shenzhen Stock Exchange, 8/20/12
On August 17, Beijing-based IT service outsourcing firm Beyondsoft Corporation (002649.SZ) announced in a public filing that it has reached an agreement with Achievo Corporation to acquire 100% of six of the US IT outsourcing provider's subsidiaries for USD 56.5 mln in cash. The subsidiaries in question are: Achievo Japan, BBX Information Technology (Beijing), Achievo Information Technology (Beijing) (unofficial translation), Achievo Xincheng Information Technology (Shanghai) (unofficial translation), Achievo Xieli Information Technology (Beijing) (unofficial translation), and Aiqi'ao Information Technology (Chengdu) (unofficial translation). Achievo's Chengdu-based R&D center, Aiqi'ao, was established on June 1, 2012, The center has not yet begun operations, and Beyondsoft acquired it free of charge. The funds for the acquisition came from a combination of Beyondsoft's cash reserves and bank loans.
According to the filing, the six companies acquired constitute an organic whole representing core Achievo global businesses, primarily software outsourcing. Beyondsoft's stock began trading on the Shenzhen Stock Exchange's GEM board in January 2012.
Keywords: Beyondsoft 002649.SZ IT outsourcing software software outsourcing Achievo R&D Shenzhen Stock Exchange M&A IT services
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