8K Miles Software Services Surge 9% On US Acquisition

8K Miles Software Services Surge 9% On US Acquisition

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Shares of 8K Miles Software Services surged as much as 9 per cent to hit intraday high of Rs 702 after the company today informed the Bombay Stock Exchange that its US-subsidiary 8K Miles Software Services Inc. has entered into a definitive agreement to acquire Cornerstone Advisors Group LLC.

The proposed acquisition of Cornerstone by 8K Miles Software Service is for over $10 million.

8K Miles Software Services in a press release said, “Cornerstone Advisors Group provides executive level information technology advisory, consulting, and implementation services to the healthcare provider industry.”

“Once completed, the acquisition of Cornerstone will further strengthen the 8K Miles position as a Partner, Consultant and Technology Solution Provider to Healthcare clients in the US,” added 8K Miles Software.

Commenting upon the acquisition, Suresh Venkatachari, chairman & CEO of 8K Miles said, “With the acquisition of Cornerstone we will add more than 50 top healthcare experts, consultants and practice directors in the U.S. with deep domain knowledge in Healthcare Information Technology services.”

Shares of 8K Miles Software Services ended 4.1 per cent higher at Rs 670.

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