8K Miles share price added more than 6 per cent intraday on Tuesday as it is about to acquire Cornerstone Advisors Group, LLC. The company's US-subsidiary 8K Miles Software Services, Inc has entered into a definitive agreement in order to acquire Cornerstone Advisors Group, LLC for USD 10.25 million inclusive of earn-out payments as a combination of cash and stock.
This acquisition will broaden the offerings and client base of the company in US healthcare vertical and the company will gain from addition of close to 45 active clients in healthcare clients. The aforesaid acquisition is subject to customary closing conditions and is expected to close in quarter ending March 31, 2017. Cornerstone Advisors Group provides executive level information technology advisory, consulting, and implementation services to the healthcare provider industry. As per, Suresh Venkatachari, Chairman & CEO of 8K Miles, with the acquisition of Cornerstone they will add more than 50 top healthcare experts, consultants and practice directors in the US with deep domain knowledge in healthcare information technology services.
At 12.21PM; the stock is up 6 per cent at Rs 682.80 on the NSE, touched the day’s high and low at Rs. 702 and Rs. 649.70, respectively. Around 1,80,164 shares changed hands on the counter on the NSE.
As on 20th Dec, the company has a market cap amounting to Rs. 1964.27 (Cr), with a book value of 67.18. The stock has a face value Rs 5, touched a 52 week high of Rs 956.24 (14-JAN-16) and a 52 week low of Rs 471.24 (12-FEB-16). The lifetime high and low of the scrip stood at Rs 956.25 (13-Jan-16) and Rs 36.02 (14-Feb-14) respectively.
Dynamic Levels have identified 8K miles as one of the top 500 performing stocks for this quarter.For further details on the stock, refer to 8K Miles share price history.
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