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News & Events > Press Releases > Sonata signs closing memorandum; becomes 50.1 % shareholder of TUI InfoTec

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Sonata signs closing memorandum; becomes 50.1 % shareholder of TUI InfoTec GmbH, Germany
Bangalore, November 27, 2006

Sonata Europe Limited, UK (“the Company”), a wholly owned subsidiary of Sonata Software Limited, announced that it has signed on 24th November, 2006 the closing memorandum with TUI InfoTec and has remitted Euro 18 million, that makes it a 50.1% shareholder in TUI InfoTec GmbH. Earlier Sonata announced it has signed an Agreement with TUI AG, Europe’s leading tourism and shipping group, to acquire 50.1 % stake in TUI InfoTec, an IT Company headquartered in Hanover, Germany for a consideration of Euro 18 million in an all cash transaction.

The company confirmed that it has received funding of 10 million Euros from State Bank of India, London as part of this investment. The balance amount was funded through internal accruals.

The company has also received anti-trust clearance from the Federal Cartel Office in Germany.

Mr. B Ramaswamy, President and Managing Director of Sonata Software Limited, said “Transition of work from TUI InfoTec to the JV has already started. Going forward, our focus will be on the execution of a joint plan, to ensure that the objectives of the JV are met. Detailed Sales and Marketing plans for new customer acquisition are being drawn up.”

About Sonata Software :
Sonata Software Limited (Sonata) is a leading IT Consulting and Software Services company, which has been servicing its clients in the US, UK and Europe since 1986. Sonata is listed on the Indian Stock Exchanges, and has a SEI CMM Level 5 accreditation. For more information, please visit www.sonata-software.com

About TUI :
The TUI Group is the European market leader in tourism and one of the top five players in global container shipping. It is registered in Hanover and Berlin. The tour operators of TUI trade in 17 European countries and in 2005 sold the Group’s products to around 21 million customers. TUI encompasses all in all about 3,200 travel agencies, 7 airlines with more than 100 aircraft and 37 incoming agencies. Its hotel portfolio is made up of 279 hotels with approximately 164,000 beds in 30 countries. Through its wholly owned subsidiary Hapag-Lloyd, headquartered in Hamburg, Germany, TUI operates one of the world’s leading container shipping companies with more than 140 container ships. Under the brands of Hapag-Lloyd in Germany and Thomson in the UK, TUI also operates a fleet of nine cruise liners. For more information, please visit www.tui-group.com.

For further information, please contact :
Swati Sengupta
AVP – Corporate Marketing
Sonata Software Limited
Phone : + 91 80 2661 0330
swati.sengupta@sonata-software.com

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