- CLPS Inc CLPS, through its subsidiary ChinaLink Professional Services Co. Ltd., inked an agreement to acquire a 15% ownership stake in IT services and solutions provider Beijing UniDev Software Co., Ltd.
- The financial terms of the transaction remain undisclosed.
- CLPS expects this strategic investment to drive the revenue and margin of its customized IT solution services, expand market share in China and gain a strong foothold for overseas expansion.
- UniDev estimates the alliance to help it venture into more competitive IT solutions, boost research and development of new technology-based products, and domestic and international market growth.
- CLPS held $26 million in cash and equivalents as of Dec. 31, 2020.
- Price action: CLPS shares traded lower by 0.86% at $4.02 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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