Kinaxis shares rise after acquisition of India-based Prana Consulting

OTTAWA — Shares of Kinaxis Inc. shot up about 11 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.

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Its shares were up $11.31, or 11.25 per cent, at $111.81 in afternoon 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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