Datamatics, a Digital Technology & BPM company, announced it has acquired remaining stake in Cybercom Datamatics Information Solutions Limited (CDIS) for ₹ 30.82 million.
“This is to inform you that Datamatics Global Services Limited (“the Company”) had a Joint Venture agreement with Cybercom Group AB (“CYBERCOM”) through a JV Company i.e. Cybercom Datamatics Information Solutions Limited (“CDIS”/ “JVC”) and that the Company is holding 50.50% shares and CYBERCOM is holding 49.50% shares in the JVC,” the company said in its exchange filing.
“Further to inform you that, the Board of Directors of the Company at its Meeting held on May 26, 2021, has approved, to acquire 49.50% stake in Cybercom Datamatics Information Solutions Limited (“CDIS”) held by CYBERCOM and on completion of aforesaid acquisition of shares, CDIS will become Wholly Owned Subsidiary of the Company. Accordingly, Joint Venture Agreement between the Company and CYBECOM will be terminated on completion of acquisition,” the company added.
Cybercom Datamatics Information Solutions Limited and Datamatics Global Services Limited are operating in similar line of business that can be conveniently combined for mutual benefit, the statement said.
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