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SQS and Thinksoft join forces

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Soma Tah
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MUMBAI, INDIA: SQS Software Quality Systems AG, the supplier of independent software testing and quality management services, has signed a definitive agreement to acquire a majority of the currently outstanding shares of Thinksoft Global Services Ltd., the independent software testing companies focused solely on the Banking, Financial Services and Insurance sector (BFSI), for Rs. 260 per share for a total consideration of Rs. 1.481 billion.

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The entire transaction is likely to be completed over a period of 90 days. Thinksoft will post completion of this transaction continue to be listed entity on the Indian stock exchanges (BSE and NSE).

Asvini Kumar, chairman and MD of Thinksoft said: "Thinksoft will function as the BFSI Global centre of excellence, a division within the SQS Group. Both organisations are pure play independent software testing and quality management services companies and are a natural fit."

Diederik Vos, CEO of SQS said: "Thinksoft will considerably deepen our expertise in the fast growing BFSI sector, which is a key strategic focus for SQS. The acquisition also expands our international reach, giving us a presence in geographies including Australia, Singapore, Belgium, the Gulf Region and India.