Sonata Software rose 4.5% to a high of Rs 721 in intraday trade on the BSE on Thursday after the company’s North American arm signed a deal to buy 100% of Texas-based IT services firm Quant Systems Inc shares.

Sonata Software will make $65 million upfront and $95 million in achievement-based payments over the next two years. However, certain charges were made to achieve additional goals, the company said in its press release. It added that the acquisition aligns with Sonata’s strategy to accelerate its growth curve and increase its scale.

Quant Systems Inc, a Texas-based IT services company, provides enterprise data analytics and cloud modernization services.

The firm has deep expertise in banking and financial services, healthcare and life sciences, and consumer/retail serving Fortune 500 clients.

The acquisition, to be made in cash, is expected to close within 30 days, subject to customary closing conditions.

Shares of Sonata Software were up 4% at Rs 718 by 9:55 am in an otherwise volatile market. The S&P BSE Sensex rose 0.2% to 59,870.

The stock, which hit a 52-week high of Rs 753 on February 20, has risen nearly 18% this month, compared with a 0.5% drop in the benchmark BSE index.