Cloud solutions firm 8K Miles buys mobile application developer Cintel for $3.75M
Cloud solutions provider 8K Miles Software Services Ltd has acquired Cintel Systems Inc, a US-based mobile application development and services company.
8K Miles, headquartered in San Francisco Bay Area, is a public listed firm in the country with operational base in Chennai.
Under the deal, it has entered into an asset purchase agreement that includes acquisition of Intellectual Property (IP) and client contracts and transfer of employees for $3.75 million (Rs 23.5 crore) in a combination of cash and stock.
Cintel offers UI design and UX development, mobile application development services for a range of key verticals such as banking & financial services, insurance & healthcare, hi-tech, education, retail and manufacturing. Its customers include SaaS and cloud applications providers.
"With the acquisition of Cintel we are confident in our ability to expand the 8K Miles technical capabilities to provide even greater user experience for enterprises," said Suresh Venkatachari, chairman and CEO, 8K Miles.
8K Miles was founded by Venkatachari, along with Lena Kannappan (COO), RS Ramani (CFO) and Harish Ganesan (CTO). A cloud solutions and managed services company, it provides SMAC (social, mobile, analytics and cloud) solutions for connectivity between consumers, SMBs, enterprises and government agencies. Its flagship solution EzIAM provides capabilities for user management, user provisioning and access requests for end users.
Last month, it acquired SaaS startup focused on CROs Mindprint for $400,000 (Rs 2.5 crore) and in November 2014, it had acquired SERJ Solutions, which provides electronic health record (EHR) consulting, custom applications and support solutions, for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)