KPIT Technologies Ltd Acquires Caresoft for Revised Total Consideration of US$ 157 Million

KPIT Technologies Ltd has completed the acquisition of Caresoft (Caresoft Global Technologies, Inc. USA, Caresoft Engineering Services Limited, UK, CAREGLOTECH de RL de CV Mexico, OXI SRL Italy) for a revised total consideration of up to US$ 157 Million, including US$ 15 Million variable pay based on achievement of revenue and other business synergy milestones. The initial consideration of USD 51 million has been paid to acquire 100% Equity shares of Caresoft Global Technologies, Inc. USA, Caresoft Engineering Services Limited, UK and CAREGLOTECH de RL de CV Mexico. The acquisition was initially announced for up to US$ 191 Million, but was later renegotiated due to changes in the macro business environment. KPIT Technologies Limited, India had infused EURO 28 million and USD 28 million towards equity share capital into KPIT Technologies (UK) Limited and KPIT Technologies Holding Inc, USA, respectively, in anticipation of the completion of the transaction.