XTGlobal Infotech Limited has announced the completion of its acquisition of an additional 7% stake in Network Objects Inc., a US-based IT and IT-enabled services company. With this acquisition, XTGlobal’s stake in Network Objects Inc. increases from 44.33% to 51.33%, making it a subsidiary of the company.
Key Highlights:
- Strategic Acquisition:
The transaction, finalized on January 6, 2025, was executed with a total cash consideration of $700,000. The payment will be made in tranches over two years, with $87,500 payable each quarter until October 2026. - Regulatory Approvals:
The acquisition received necessary approvals, including clearance from the Reserve Bank of India (RBI) for deferred payment consideration. - Operational Impact:
With this acquisition, Network Objects Inc. is now positioned as a strategic subsidiary of XTGlobal, strengthening the company’s global footprint. This move is expected to add approximately $20 million to XTGlobal’s consolidated topline. - Financial Details of Network Objects Inc.:
- Established: October 1, 2007
- Turnover (Last 3 Years):
- 2021: $25.2 million
- 2022: $29.3 million
- 2023: $26.6 million
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