Chilean information technology company Sonda SA (SONDA.SN) acquired Mexican IT firm NextiraOne Mexico SA de CV for $29 million, Sonda said Friday.
The Chilean company has an aggressive $500 million expansion plan between this year and 2012, which includes the recent acquisitions of Brazilian companies Telsinc and TI Procwork and Colombian company Red Colombia.
The acquisition will bring Sonda’s annualized sales in Mexico to nearly $100 million, the company said in a filing with the Chilean securities regulator.
Following the acquisition, local investment bank Celfin Capital maintained its buy recommendation for Sonda, citing a potential upside of 7.9% to the current share price. Celfin set a 12-month target price of CLP927.00 ($1.73) for Sonda.
“The acquisition strengthens Sonda’s operation in Mexico, the second largest market in Latin America, and enhances its positioning as a major player in the area of IT systems, services, communications and security,” Celfin Capital said in a research note.
Sonda is the leading company in the Chilean IT sector, accounting for close to 26% of the local market. The company provides IT solutions in nine Latin American countries including Chile, Brazil, Colombia and Mexico.
Shares of Sonda rose 0.7% to CLP856.00, a 52-week high, in recent trading, while the Ipsa blue chip index gained 0.7%. Sonda has traded as low as CLP724.82 over the past year.