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Shares of the Bartronics India gained more than 11% on Tuesday after the company announced it has acquired 51% stake in Systems America Inc. (SYAI).
Bartronics India shares were seen trading higher by 11.28% at Rs 25.65 on BSE at 12.45 pm IST. It touched an intra-day high of Rs 26.90.
Systems America Inc is currently listed in the OTC Equities category in the USA. In consideration of swap of shareholding, Bartronics America is now owned by SYAI.
The transaction is in line with the stated growth strategy and is expected to result in greater efficiencies and increased market share, the company said in the press release.
Prior to the merger, Bartronics America Inc underwent a name change to mCloud Inc. to reflect its diversification into Mobile and Cloud Computing businesses.
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