One1 Software paid NIS 20 million for the software testing services company, which has delisted from the TASE.
One1 Software Technologies Ltd. (TASE: ONE) has completed its acquisition of Tescom Software Testing Systems Ltd. for NIS 20 million. Tescom has been delisted and become a wholly owned subsidiary of One1 subsidiary of One Software Services (1997) Ltd.
Tescom was founded in 1990 and has 600 employees. The company gives One1 software testing services, and it has NIS 100 million in annual turnover. Despite Tescom's turnover, its cash flow has been meager and profits have been very volatile.
One1 posted a net profit of NIS 32 million on NIS 767 million revenue in January-September 2011. Its third quarter net profit of NIS 12.6 million was 75% more than in the corresponding quarter of 2010. The company will distribute a dividend of NIS 5.2 million.
One1's share price was unchanged in morning trading today at NIS 43.29, giving a market cap of NIS 292 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2012
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