IT outsourcing firm Matrix IT Ltd. (TASE:MTRX) has acquired IT services group TACT Group for NIS 42.1 million. TACT focuses on the provision of software testing and QA services to customers, primarily in the defense sector.
TACT, which employs a total of about 470 people, posted an operating profit of NIS 8.4 million on NIS 114 million revenue in 2007. Matrix may make a further payment for TACT based on either its financial results for 2008 or 2009, or specific results during the current year. The specific milestones can be set by TACT.
Matrix's share was up 1.77% in morning trading on the Tel Aviv Stock Exchange (TASE).
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2008
