8K Miles walks into green

Ahead of the Board meeting which was scheduled for yesterday, 8K Miles had shown some unusual 2 times surge in volumes and today, now that the content of the Board meeting is out, the volume is accompanied by an over 6% surge at Rs.679. It’s 52-week high is at Rs.956.25.

The Board has approved the proposal to acquire Cornerstone, a leading healthcare information technology services company. This is being acquired for $10.25 million inclusive of earn-out payments as a combination of cash and stock from the 8K Miles US-subsidiary.

This acquisition is subject to customary closing conditions and is expected to close in quarter ending March 31, 2017.

In the stated Press Release the company’s CEO has said that this acquisition will help 8K Miles add more than 50 top healthcare experts, consultants and practice directors in the US with deep domain knowledge in healthcare information technology services.