Majesco A has entered into a Share Purchase Agreement on November 27, 2018, for acquisition of all the issued share capital (collectively, the “Securities”) of Exaxe Holdings Limited, a private limited company incorporated in Ireland (“Exaxe”).
Majesco, USA consummated the purchase of 90% of the Securities. Majesco, USA has agreed to purchase and the sellers have agreed to sell to Majesco, USA the remaining 10% of the Securities on August 1, 2019.
In consideration for purchase of the Securities, Majesco, USA paid the sellers Euro 6.39 Million. In addition, Majesco, USA agreed to make an additional payment to the sellers of Euro 0.72 Million for the remainder of the Securities on August 1, 2019.
Accordingly, Exaxe has become a direct subsidiary of Majesco, USA and step-down subsidiary of the Company.