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8K Miles' surges with arm inking definitive agreement to acquire Cornerstone

20 Dec 2016 Evaluate

8K Miles Software Services is currently trading at Rs. 670.20, up by 30.65 points or 4.79% from its previous closing of Rs. 639.55 on the BSE.

The scrip opened at Rs. 653.00 and has touched a high and low of Rs. 679.35 and Rs. 651.00 respectively. So far 2,797 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 956.25 on 14-Jan-2016 and a 52 week low of Rs. 478.13 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 694.15 and Rs. 635.00 respectively. The current market cap of the company is Rs. 2,069.09 crore.

The promoters holding in the company stood at 63.41%, while Institutions and Non-Institutions held 2.69% and 33.89% respectively.

8K Miles Software Services’ US-subsidiary 8K Miles Software Services, Inc. has entered into a definitive agreement to acquire Cornerstone Advisors Group, LLC. (Cornerstone), a leading US Healthcare Information Technology company, for $10.25 million inclusive of earn-out payments as a combination of cash and stock from the 8K Miles US-subsidiary. This acquisition is subject to customary closing conditions and is expected to close in quarter ending March 31, 2017.

8K Miles Software Services is a global Cloud & Security solutions company. It provides digital technology solutions - SMAC (Social, Mobile, Analytics and Cloud) for seamless connectivity between consumers, SMBs, enterprises etc.


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