March 13, 2014 / 10:55 PM / 4 years ago

Chile's Sonda buys Brazil's CTIS for $170 million

SANTIAGO (Reuters) - Chilean technology company Sonda SA SON.SN said on Thursday it had acquired Brazil-based information technology service provider CTIS for around $170 million, expanding its presence in Latin America’s largest market.

“This acquisition will allow Sonda to incorporate an excellent client portfolio with long-term contracts, complimentary (services) and increasing coverage in states like Brasilia and Brazil’s northeast, significantly boosting our operations in Latin America’s largest information technology market,” said Sonda president Mario Pavon.

Sonda said the final acquisition price could increase $36 million depending on CTIS’ earnings in 2014 through 2018.

CTIS posted sales of nearly $358 million in 2013.

Reporting by Anthony Esposito. Editing by Andre Grenon

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