LONDON (Alliance News) - Castleton Technology PLC on Wednesday said it acquired Castleton India, previously known as CarbonNV InfoLogic India Private Ltd, for GBP350,000.
The managed services provider said the consideration comprises of GBP154,678 of cash and 200,331 shares at a price of 2 pence each.
Castleton shares were untraded on Wednesday, last closing at 88.00p each.
Castleton said the acquisition will enable it to secure the additional development capability and skills of the 21 employees, who have joined Castleton on a long term basis.
The acquisition is expected to be completed upon admission of the new shares, scheduled on Friday.
"The acquisition of Castleton India follows a very successful working relationship between the UK and Indian teams over the past 11 months," said Castleton Chief Executive Dean Dickinson.
"I look forward to working closely with the combined onshore and offshore team to bring our product road map to market over the coming years," added Dickinson.