Sonata Software on Wednesday (22 February) announced that it will acquire 100 per cent stake in US-based software firm Quant Systems in an all cash deal.

"Sonata Software North America Inc., (SSNA), a wholly owned subsidiary of Sonata Software Limited (SSL), has signed a definitive agreement with the Shareholders of Quant Systems INC., a Texas (USA) based IT Solutions and Software company, to acquire 100 per cent stake," the company said in a statement.

Sonata Software will make an upfront payment of $65 Million for the acquisition with deferred achievement-based earn-out/pay-outs upto a maximum of $95 million payable over 2 years, according to a regulatory filing.

Further, the company will also make certain additional payments on achievement of additional targets.

Founded in 2008, Quant Systems has a team of over 300 Engineers in delivery centres across India (Hyderabad) and Costa Rica along with onshore presence in North America to deliver client service.

Sonata Software said that this acquisition is in line with its strategy to accelerate the growth curve and build scale.

Quant Systems' acquisition will accelerate Sonata’s capabilities in Enterprise Data Analytics, Cloud modernization, Cyber security, Salesforce, Data Privacy, Adobe, and Digital and Mobile App solutions, including differentiated IPs for Salesforce (workbox.io) and Chatbot (Lisa) technologies, it said.

Further, it will also expand Sonata’s domain expertise in banking and financial services, healthcare and life sciences, consumer/retail and others.