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Xchanging buys India’s Cambridge Solutions for 83 mln stg

Posted by Yogesh on Monday, 6 October, 2008

LONDON Oct 4 (Reuters) Oct 4 – Xchanging has agreed to buy India’s outsourcing and IT group Cambridge Solutions Ltd for 83 million pounds in cash and shares, the British business services company said in a statement.

Xchanging said the acquisition would give it a market presence and potential for further growth in the United States and Australia, as well as “critical mass” in its Indian offshore operations.

The acquisition, which will be paid for with 3.7 billion Indian rupees and 15 million shares, is expected to increase earnings before one-off costs from the first year after completion, said Xchanging.

On its current trading, Xchanging said sales have been healthy and it expects its full year performance to be in line with expectations. Source Reuters

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