Sonata Software Shares Soar 2% on Signing $160 Million Deal with US Retailer

Sonata Software signs largest-ever contract with US retailer, worth $160 million.

On Wednesday, Sonata Software shares plunged 2% in the early trade after the company signed its biggest-ever contract costing $160 million for 10 years with a United States-based consumer retailer.

Sonata Software will manage end-to-end IT modernisation and transformation for the client in this project.

Earlier this month, the corporation’s wholly owned subsidiary Sonata Software North America Inc (SSNA) accomplished the acquisition of Quant Systems Inc along with its subsidiaries.

The subsidiary had contracted a definitive agreement to purchase a Texas-based IT services business on February 22 with an upfront payment of $65 million.

At 9:16 am, Sonata Software quoted Rs 819.45, up Rs 17, or 2.12%, on the Bombay Stock Exchange.

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