Calsoft sells its stake in IDC

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 18, 2009 -- California Software Company Limited (Calsoft) successfully concluded the sale of its strategic investment subsidiary, Informed Decisions Corporation (IDC) in which it had a 51% stake through CSWL (a 100 % subsidiary). The buyer, Higher One, is a US based privately owned financial services and Payment Company that enables institutions of higher education to streamline business processes while improving student services. (www.higherone.com)

In a 100% buyout deal, Higher One acquired all of the stock of IDC which on 19th Nov 2009. The detailed consideration for the sale is given below:

The value of the sale of the company and the anticipated earn out and service revenue will be up to $36M.

Calsoft will continue to support the IDC suite for Higher One through its offshore development team. Commenting on the sale Mr. Sam Santhosh, Managing Director and CEO, California Software Company Ltd., said, "I am extremely pleased and satisfied with the conclusion of this sale and the consideration received for IDC, especially in today’s market conditions. We are happy that Calsoft, IDC and Higher One could satisfactorily close this transaction. We plan to deploy the return from this sale to make similar investments."