VCCircle 1 October 2012
The IT consulting and software services firm has sold its stake in the loss making JV for less than what it acquired it for six years ago.
Sonata Software’s wholly owned subsidiary Sonata Europe has struck a deal to sell its 50.1 per cent stake in TUI InfoTech to TUI Travel PLC for up €12 million (Rs 81 crore or $15 million), as per a BSE filing. Headquartered in Hanover in Germany, TUI InfoTech is the IT arm of European travel and tour firm TUI.
“The sale was made for a total consideration of up to €12 million payable on a deferred basis on achieving certain milestones and additionally release from certain obligations of €3.5 million. TUI Travel PLC will also be taking over economic benefits for the 12 months preceding the date of transaction,” the company said in the filing.
In Sep 2006, Bangalore-based Sonata Software acquired 50.1 per cent stake in TUI InfoTec GmbH for Rs 106 crore from TUI AG. The deal also included TUI InfoTech’s subsidiaries, Travel BA.sys and ACCON RVS, which provide a technology platform and back-office services for travel agencies, respectively.