Calsoft completes acquisition of majority stake in Aspire Communications

Calsoft completes acquisition of majority stake in Aspire Communications

Chennai, July 25, 2007: Pursuant to the signing of memorandum of understanding in May 2007 between California Software Co Ltd. (Calsoft) and Aspire Communications Pvt. Ltd. (Aspire) to acquire 51% equity in the latter, Calsoft today announced that it has signed a share purchase agreement for acquisition of majority stake in Aspire. The enterprise valuation of Aspire Communications Pvt. Ltd, India & its US subsidiary Aspire Soft Corporation was at Rs.106 million. The agreement envisages direct investments by Calsoft into the company as well as purchase of some stake from existing shareholders to obtain 51% stake.

According to K. Narasimha Nayak, CFO, Calsoft “The financial results of Aspire will be consolidated in Calsoft group from the second quarter with effect from July 2007. The company is expected to add Rs.120 million in revenue and Rs.16 million in net profit to the Calsoft Group in 2007-08.”

Aspire Communications is a technology driven company that focuses on providing embedded hardware design services, product re-engineering, outsourced product manufacturing, device driver development, RTOS porting, application software development and specialized services to Technology companies. Aspire has reputed clients like Intel Corporation, General Electric, Texas Instruments, NDR – Japan.

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About Calsoft California Software Company Ltd (Calsoft) is a public limited company in India with a global presence. Its development practices are certified at CMMi Level 5. Founded in 1992, Calsoft group including subsidiaries currently employs over 850 employees. The group has development centers in Chennai and Bangalore in India and Pleasanton, (California), Boston (MA) in the USA. Calsoft group has marketing offices in the US, UK, Singapore, Japan, China, Taiwan, Dubai, Hong Kong, Copenhagen and in India. Calsoft is listed in India at NSE (cali.ns) and BSE (cali.bo). For more information on Calsoft visit www.calsoft.co.in

About Aspire Communications Aspire Communications Pvt. Ltd. is a technology driven company focused on solutions of Embedded Hardware design, product re-engineering, device driver development, OS porting, application software development and specialized service in outsourcing. For more information on Aspire Please visit
www.aspirecommunication.com

For any further details please contact:

Susmita Dinesan

susmitad {at} calsoft.co(.)in

California Software

+91 (44) 22542404

Bratin Roy

bratin.roy {at} adfactorspr(.)com

Adfactors Public Relations

+91 9833868621