CLPS Invests In Beijing UniDev Software For IT Solutions

CLPS Inc CLPS, through its subsidiary ChinaLink Professional Services Co. Ltd., inked an agreement to acquire a 15% ownership stake in IT services and solutions provider Beijing UniDev Software Co., Ltd.
The financial terms of the transaction remain undisclosed.
CLPS expects this strategic investment to drive the revenue and margin of its customized IT solution services, expand market share in China and gain a strong foothold for overseas expansion.
UniDev estimates the alliance to help it venture into more competitive IT solutions, boost research and development of new technology-based products, and domestic and international market growth.
CLPS held $26 million in cash and equivalents as of Dec. 31, 2020.
Price action: CLPS shares traded lower by 0.86% at $4.02 on the last check Wednesday.