Why Shares Of Saksoft Have Surged 45% In 3 Sessions

Shares of Saksoft surged as much as 10 per cent, extending its 30 per cent gain in previous two trading sessions. The company on Thursday announced that it acquired majority stake in Bengaluru-based DreamOrbit to strengthen its offerings in the digital space with special emphasis on Internet of Things. Including today's gains, shares of Saksoft have rallied a whopping 44 per cent in last three trading sessions.

Chennai-based Saksoft deals in business of information management/business intelligence area from consulting, building data-warehouse and providing analytics solution. Saksoft in the September quarter reported net profit of Rs 4.65 crore on sales of Rs 61.43 crore compared with Rs 4.26 crore on sales of Rs 59.80 crore.

Aditya Krishna, founder and managing director at Saksoft, told NDTV Profit that "Saksoft has acquired 60 per cent stake in DreamOrbit with a view to strengthen offering in digital space." 

"Our focus has been on acquiring companies in digital space and few years back we bought Acuma Solutions and 360logica in the digital testing space. DreamOrbit specialises in cloud mobility and special emphasis on Internet of Things," he said. 

Mr Krishna added that company cost of acquiring 60 per cent stake in DreamOrbit is Rs 17 crore and DreamOrbit currently operates at 20% EBIT margins which is positive for the group.

Incorporated in 2010, DreamOrbit has been providing specialist technology solutions for the logistics & transportation (including air, land & ocean) enterprises and has offices in Bengaluru (India), Delaware (USA). The company has 230 employees and works with 40 active customers. 

Shares of Saksoft ended 6.33 per cent higher at Rs 281.25.