Kinaxis shares rise after acquisition of India-based Prana Consulting
Feb 26, 2020
By The Canadian Press
Wed., Feb. 26, 2020timer1 min. read
OTTAWA - Shares of Kinaxis Inc. shot up about 15 per cent after the company announced it had acquired India-based Prana Consulting Inc. to boost its global supply chain business. Ottawa-based Kinaxis says the deal adds a skilled team and creates a regional hub from which it could expand services in the region. Its shares were up $15.08, or 15 per cent, at $115.58 in midday trading on the Toronto Stock Exchange. Company CEO John Sicard says Kinaxis has worked with Prana for 15 years and the team is familiar with Kinaxis’ proprietary logistics software. A day earlier, the company reported a profit of US$7.8 million, or 29 cents a share, up from US$2.9 million or 11 cents per share for the same quarter a year earlier. Kinaxis provides logistics and supply chain support to a range of industries. This report by The Canadian Press was first published Feb. 26, 2020. Companies in this story: (TSX:KXS)
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