Chile IT Company Quintec Plans To Merge With Brazil¦s Politec

SANTIAGO (Dow Jones)--Chilean information technology company Quintec SA (QUINTEC.SN) plans to merge with Brazilian IT firm Politec, with the merged company to trade on the Brazilian stock market, Quintec said. The merged company expects sales of about $435 million next year, making it one of the largest IT firms in Latin America, Quintec said in a statement released late Monday.

The two companies signed a memorandum of understanding and will complete the due diligence process for the merger in February or March. They currently operate in Argentina, Brazil, Chile, Colombia and the U.S. Quintec provides IT services to the private and public sectors in the education and health areas, among others. Earlier this year, Chilean IT company Sonda SA (SONDA.SN) failed in its bid to acquire 100% of Quintec for about $46 million.