Workforce and service management solutions provider ClickSoftware (Nasdaq: CKSW) has signed an agreement to acquire the workforce management business from Indian company Manchitra Services Pte Limited.
ClickSoftware will pay $2.65 million for the Indian firm and expects the deal to be completed by the end of this month.
Manchitra Services provides solutions in the areas of workforce management, GIS-based network management and GIS based solution development. The Indian company's offerings and capabilities include consultancy, products, and software customization and integration.
ClickSoftware will acquire all the assets of the Manchitra workforce management business including its product, customers and about 25 employees. All of these assets will be transferred to a newly formed subsidiary - ClickSoftware India Pte Limited.
ClickSoftware chairman and CEO Moshe BenBassat said, "Manchitra's capabilities will enable ClickSoftware to significantly strengthen its local presence in this region. The value of workforce management and optimization solutions is gaining recognition in India primarily by utilities and telecommunication companies involved in the massive expansion of the country's infrastructure. We see a tremendous opportunity to play a leading role in selling and delivering these solutions and helping organizations manage their growth and operate efficiently and cost effectively."
ClickSoftware India along with the acquired employees will also provide ClickSoftware with a base for off-shore research and development as well as the opportunity to expand their implementation services outside of India.
In early morning trading ClickSoftware's share fell 11.56% to $3.75 giving a market cap of $104.2 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2009
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