Mindpool Technologies Limited agreed to acquire Satincorp Technologies Inc. from Manoj Narottam Joshi, Priyanka M Joshi, Shantanu Joshi and Abhinav Joshi for approximately INR 640 million.

Mindpool Technologies Limited (NSEI:MINDPOOL) agreed to acquire Satincorp Technologies Inc. from Manoj Narottam Joshi, Priyanka M Joshi, Shantanu Joshi and Abhinav Joshi for approximately INR 640 million on August 19, 2023. Under the terms of the transaction, Mindpool Technologies would issue 7.6 million shares for the 100 shares outstanding of Satincorp. Upon completion of the deal, sellers Priyanka M Joshi, Shantanu Joshi and Abhinav Joshi will own 1.9 million shares each.

Satincorp has reported revenue of CAD 3.1 million (INR 189.57 million) for the financial year 2022. Transaction is subject to regulatory approval and shareholder approval. The Board of Mindpool Technologies approved the deal.

The acquisition is expected to be completed in the next 3 to 6 months from the current date.