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Geometric Software buys Modern Engg
2006-10-11 16:53:48 Source : reuters
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Software firm Geometric Software Solutions Co. Ltd. said on Wednesday it had acquired the engineering services division of US-based Modern Engineering for about USD 32 million, reports Reuters.
The deal value includes about USD 7 million in working capital loan, Geometric said in a statement.The transaction would be funded partly by about USD 10 million raised through private placement of shares and the rest through borrowings and internal accruals.
Geometric said the acquisition would help it tap market opportunities and generate significant growth in revenue and earnings. The engineering services division had an annual revenue of about USD 40 million, it said.
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