Sonata Software Ltd.

Sonata Software’s - wholly owned subsidiary - Sonata Europe has signed a definitive agreement to sell its 50.1% shareholding in TUI InfoTec, back to TUI Travel PLC. The completion of the transaction is however subject to German competition approval and other conditions precedent.

The sale was made for a total composite consideration of up to €12 million payable on a deferred basis on achieving certain milestones and additionally release from certain obligations of €3.5 million. The buyer will also be taking over economic benefits for the 12 months preceding the date of transaction.

TUI InfoTec is IT Company headquartered in Hanover rendering substantially a large part of its services to Companies in TUI Travel PLC.

Sonata Software is a strategic partner to global ISVs in providing creative product engineering and professional services that accelerate time-to-market, expand access to newer markets, increase product adoption and extend product lifespan. This is done through a gamut of services encompassing the product lifecycle, and includes consulting, product engineering (design, architect, develop, test, release), performance engineering, test automation, security, technology modernization, sustenance and support.