HTCR - HeartCore to acquire majority stake in IT solutions firm Sigmaways

• HeartCore ( NASDAQ: HTCR ) said Thursday it will acquire 51% majority stake in privately-held IT solutions provider Sigmaways in a cash and stock deal.
• The deal will expand HTCR's operational footprint in the U.S. and add significant revenue to its top line.
• The acquisition will provide complementary cross-sell and upsell opportunities for both firms.
• HTCR expects to reduce production costs, transitioning from outsourcing to leveraging Sigmaways' team.
• On closing, Sigmaways' senior management will join HTCR. Sigmaways founder Prakash Sadasivam will join HTCR's board.
• Once the deal closes, HTCR's customers will be able to implement Sigmaways as an integration specialist firm for automation, web, and software solutions.
• The deal will reduce development costs across HTCR's existing verticals through Sigmaways' long-standing relationships and resources throughout India and Vietnam.
• "HTCR's proposed majority stake acquisition of Sigmaways would expand its U.S. presence, with a strong subsidiary expected to bring recurring revenues and an expectation of streamlined R&D expenses," said HTCR CEO Sumitaka Kanno Yamamoto.
• The deal is expected to close in Q4.

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