iFlytek to Acquire Exam Software and Service Provider

Shenzhen Stock Exchange, 6/14/13

Chinese voice recognition software firm Anhui USTC iFlytek (002230.SZ) announced in a public filing today that it plans to acquire 100% of Guangzhou-based exam software and system provider Morning Star Software Technology. iFlytek has already signed agreements with all of Morning Star's shareholders covering its intent to acquire the company.

Morning Star Software Technology offers exam software systems and services, exam data processing, and products and systems for exam venue standardization. As of the end of 2012, the company had RMB 94.57 mln in total assets, with net assets of RMB 65.35 mln. Morning Star had 2012 net profits of RMB 20.14 mln on operating revenues of RMB 61.02 mln.

iFlytek said that the acquisition is still in the MoU stage. Details of the acquisition, including price and method of payment, will be determined by subsequent agreements.

Keywords: Morning Star Software education software iFlytek 002230.SZ data processing M&A

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