Heartcore Announces Definitive Agreement To Acquire 51% Of Leading Digital It Solutions Provider Sigmaways
Acquiring Company
HeartCore Enterprises
Acquired Company
51
Description
HeartCore Enterprises, Inc., (“HeartCore” or the “Company”), a leading software development company, has signed a definitive agreement to acquire a 51% majority stake in privately-held Sigmaways, Inc. (“Sigmaways”), a software engineering service provider delivering IT solutions. Under the terms of the agreement, HeartCore is expected to acquire 51% of Sigmaways in a cash and stock transaction. The transaction is subject to customary closing conditions, including completion of a due diligence review by HeartCore. The agreement has been unanimously approved by the Board of Directors of both companies. Upon closing, the senior management team of Sigmaways will enter into long-term Employment Agreements and take an active leadership role in the combined business. Prakash Sadasivam, founder of Sigmaways, will join HeartCore’s Board of Directors following closing.