Ontrack to acquire US co for $6.94 mn

Ontrack Systems Ltd will acquire US-based Intellisys Group for $6.94 million.

Ontrack Systems Ltd said on Wednesday that it will acquire US-based Intellisys Group for $6.4 million.

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The company has signed a Share Purchase Agreement with Intellisys for acquisition of its group companies. The amount would be paid partly in stock of the company and partly in cash, Ontrack informed the Bombay Stock Exchange.

The acquisition entails three stages of acquisition including acquisition of Intellisys Austria in the first stage and thereafter Intellisys USA and Intellisys India respectively.

A global information technology and IT enabled services company, Intellisys Group, its shares were trading at Rs 4.24, up 9.56 per cent at the BSE.