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SINGAPORE: Mainboard-listed ST Engineering said that the UK unit of its wholly owned subsidiary VT iDirect has acquired a 100 per cent stake in British IT service management company, Parallel Limited.
The stake was acquired from existing shareholders, who are management employees, at an enterprise valuation of S$9 million.
Subsequent to the acquisition, Parallel will be merged into iDirect UK Limited.
Parallel's chairman and chief executive officer will retire from the company, while its chief technology officer and entire development team will join iDirect's engineering group.
Parallel's products - including SatManage, a sophisticated Web-based management system designed to meet the demanding requirements of large-scale, complex networks - will become part of the iDirect product portfolio.
ST said the acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
- CNA/sc
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