Sonata Software to acquire Texas-based IT services company Quant Systems
Summary
Sonata Software North America Inc., (SSNA) a wholly owned subsidiary of Sonata Software, has signed a definitive agreement to purchase Quant Systems Inc. a Texas based IT services Corporation on 22 February 2023 in accordance with a stock purchase agreement. The acquisition will accelerate Sonatas capabilities in Enterprise Data Analytics, Cloud modernization, Cyber Security, Salesforce, Data Privacy, Adobe, Snowflake, and Digital & Mobile App solutions, including differentiated IPs for Salesforce (workbox.io) and Chatbot (Lisa) technologies, and domain expertise in Banking and Financial Services, Healthcare & Life Sciences, and Consumer/Retail serving Fortune 500 clients. The cost of acquisition involves - (a) Upfront payment of US $65 Million; (b) Deferred achievement-based earn-out / pay-outs upto a maximum of US $95 Million payable over 2 years; & (c) Certain additional payments on achievement of additional targets.
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