SONDA'S New Acquisition in Colombia
SONDA announced today the acquisition of Colombia’s IT solution provider RED COLOMBIA SA, reaffirming its leadership in the most important IT markets of the region.
SONDA SA, the leading Latin American owned private-sector IT Services provider, through its subsidiary SONDA DE COLOMBIA SA, has signed today a contract by which acquires a 100% stake in Red Colombia SA ( "RED COLOMBIA"), a Colombian IT solution provider, with annual sales of about $27 million in 2007.
The transfer of ownership is subject to approval by the Superintendencia de Industria y Comercio de Colombia, and once obtained, will be transferred initially an 80% of the shares and the remaining 20% transferred in one-year term.
To effect this transaction RED COLOMBIA has been valued at $ 13.6 million, of which 80% will be paid upon the transfer of 80% of the shares purchased, while the balance will be paid at the time of the transfer of the remaining 20%. This balance may represent up to $3 million extra, depending on annual sales of RED COLOMBIA during 2008.
RED COLOMBIA has a strong customer base and a solid reputation in the IT market in Colombia, where it offers a wide range of IT services, including IT outsourcing, systems integration and consulting. It is also one the main SAP integrators in Colombia.
SONDA’s General Manager, Raul Véjar stated, "SONDA, already present in Colombia for years, with this acquisition increases its presence in that country, and becomes one of the leading IT Services providers". Véjar added that "the purchase reaffirms our investment plan outlined at the IPO in November 2006, and represents a further step on the way to consolidate SONDA as the leading regional IT services provider throughout Latin America".
