Castleton Technologies acquires Indian business

Software and services provider Castleton Technology has snapped up the firm previously known as CarbonNV InfoLogic India for a total consideration of £350,000.

Castleton acquired CarbonNV, now known as Castleton India, on Wednesday in a deal that was made up of 200,331 ordinary shares in the capital of the group and £154,678 in cash.

The AIM-listed group said the Indian business, which has offices in Bangalore and Vadodara, will provide additional development capability to via a service agreement over the current financial year.

Castleton also believes the acquisition will enable it to secure the additional development capability upon its completion on 22 February.

Chief executive Dean Dickinson said: "This period has seen delivery of a number of products including Castleton Digital, allowing us to bring new solutions to the market quicker and at a reduced cost.

"I look forward to working closely with the combined onshore and offshore team to bring our product road map to market over the coming years."

As of 0850 GMT, Castleton shares had slipped 2.22% to 88p.