March 14 (Bloomberg) -- Sonda SA, Chile’s largest information-technology and software provider, rose the most in six weeks after making its seventh acquisition in Brazil, making Latin America’s largest economy its main market.
Sonda gained 3.4 percent to 1,145.7 pesos at the close of trading in Santiago, the most since Jan. 31. Chile’s benchmark IPSA index, fell 0.5 percent, ending the week with a 2.3% fall.
The company, based in Santiago, agreed to pay 400 million reais ($169 million) for Brasilia-based CTIS, an amount that may increase by 85 million reais depending on whether CTIS meets undisclosed profit targets in the next four years, according to a filing yesterday with Chile’s securities regulator.
CTIS had sales of 837 million reais in 2013, implying an increase in the percentage of revenue Sonda gets from Brazil to 47 percent, it said in the filing. Brazil currently represents about 32 percent of Sonda’s revenue, second to Chile’s 44 percent, according to a January filing.
“This is positive news for the company, as it finally shows delivery after more than one year without acquisitions,” Javier Gunther and Francisca Manuschevich, analysts at Credicorp Capital, said today in a note to clients.
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