Benzinga | Jul 14, 2021 12:14PM EDT

CLPS Invests In Beijing UniDev Software For IT Solutions

* CLPS Inc (NASDAQ: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.